S. Sudan changes currency to force hoarders to release cash

South Sudan’s President Salva Kiir speaks to the press at the State House in Juba, during South Sudan's independence day, on July 9,2019.

Photo credit: Akuot Chol | AFP

What you need to know:

  • Information Minister Michael Makuei told journalists in Juba that the council reached the resolution following proposals from local banks on how to rescue the economy.
  • In August, Central Bank’s Second Deputy Governor, Daniel Kech Pouch, said the financial institution had run out of foreign reserves but Governor Jamal Abdallah Wani denied the report.

South Sudan’s Council of Ministers has approved a change of currency in an attempt to find hoarded cash it claims is aiding the economic decline.

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