News / Africa

S. Sudan Central Bank Backpedals on Currency Devaluation

South Sudan lawmakers summoned the central bank governor and ordered him to reverse a currency devaluation that caused prices to spike after it took effect earlier this week.
South Sudan lawmakers summoned the central bank governor and ordered him to reverse a currency devaluation that caused prices to spike after it took effect earlier this week.
Charlton Doki
South Sudan Central Bank officials on Wednesday reversed a decision to devalue the country's currency after lawmakers complained that the move had caused prices to spike and put many goods out of the reach of ordinary citizens.

“It is very clear that the decision by the Central Bank Governor has created a lot of problems to the whole country because the prices of goods and services will rise up while our salaries remain the same," Rec Muol Tang, a member of parliament said.

"We have already seen the impact of this decision yesterday: all the petrol stations closed and the price of the dollar shot up to 5.0 South Sudanese Pounds," he said.

Lawmaker Paul Mayom Akec said the central bank's move had resulted in "several children and mothers going hungry... they went to bed hungry. These families could not afford buying food yesterday.”

The Central Bank announced late Monday that it was devaluing the South Sudanese pound by 34 percent, from 2.95 pounds to the dollar to 4.5 to the dollar. The official reason given for the devauation was to reduce volatile pricing, curb the country's black market and encourage foreign investment.

Several lawmakers said they only found out about the devaluation from media reports. As soon as they did, they called on Central Bank Governor Kornelio Koriom Mayiek and Finance Minister Aggrey Sabuni Tisa to appear before Parliament to explain the move.

Sabuni did not appear because he is currently on a business trip to Geneva, but the bank's governor did and was lambasted by lawmakers.

Sabuni was out of the country and was unable to attend the hearing, where speaker after speaker slammed the move to devalue the currency.

After heated exchanges on the floor, lawmakers unanimously passed a motion ordering the central bank to immediately reverse its decision.

Koriom said he will abide by the will of the National Assembly.

“We have agreed in the Assembly, and the Assembly directed, that the reforms which we declared on the 11th of November are canceled and revoked as from today. This is the will of the people," he said.

"The members of the Assembly have the power in this country. Whatever
they have declared is what is going to go, and we are going to implement it immediately.”

The South Sudanese pound was trading at six to the dollar on the black market on Wednesday, before Parliament ordered the devaluation to be reversed, and the few petrol stations that had fuel were selling it for 10 pounds per liter, compared to six pounds a liter earlier this week.

Andrew Green contributed to this report.

You May Like

Philippines, Muslim Rebels Try to Salvage Peace Pact

Peace process faces major setback after botched military operation to find terrorists results in bloody gunbattle between government forces, Moro Islamic Liberation Front fighters More

Republicans Expect Long, Expensive Presidential Battle

Political strategist says eventual winner will be one who can put together strongest coalition of various conservative groups that make up Republican Party More

Video New Wheelchair Is Easier to Use, Increases Mobility

Engineers have come up with a lever-operated design that makes use of easily accessible bicycle technology More

This forum has been closed.
Comment Sorting
Comments
     
by: atemalek from: part2
November 13, 2013 2:07 PM
that's the good of national assembly cus they work for people not their lives,i thank them for knowing citizen.

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Liberia's Almost Last Ebola Patient Grateful but Still Grievingi
X
Benno Muchler
March 26, 2015 3:41 PM
Beatrice Yardolo was to make history as Liberia’s last Ebola patient. Liberians recently started counting down 42 days, the period that has to go by without a single new infection until the World Health Organization can declare a country Ebola-free. That countdown stopped on March 20 when there was another new case of Ebola, making Yardolo’s story a reminder that Ebola is far from over. Benno Muchler reports from Monrovia.
Video

Video Liberia's Almost Last Ebola Patient Grateful but Still Grieving

Beatrice Yardolo was to make history as Liberia’s last Ebola patient. Liberians recently started counting down 42 days, the period that has to go by without a single new infection until the World Health Organization can declare a country Ebola-free. That countdown stopped on March 20 when there was another new case of Ebola, making Yardolo’s story a reminder that Ebola is far from over. Benno Muchler reports from Monrovia.
Video

Video Cambodian Land Grabs Threaten Traditional Communities

Indigenous communities in Cambodia's Ratanakiri province say the government’s economic land concession policy is taking away their land and traditional way of life, making many fear that their identity will soon be lost. Local authorities, though, have denied this is the case. VOA's Say Mony went to investigate and filed this report, narrated by Colin Lovett.
Video

Video US, South Korea Conduct Joint Military Exercises

The Eighth U.S. Army Division and the Eighth Republic of Korea Mechanized Infantry Division put on a well orchestrated show of force for the media this week during their joint military training exercises in South Korea. VOA’s Seoul correspondent Brian Padden was there and reports the soldiers were well disciplined both in conducting a complex live fire exercise and in staying on message with the press.
Video

Video Space Program Status Disappoints 'Last Man on the Moon'

One of the films that drew big crowds last week at the annual South by Southwest festival in Austin, Texas, tells the story of the last human being to stand on the moon, U.S. astronaut Eugene Cernan. It has been 42 years since Cernan returned from the moon and he laments that no one else has gone there since. VOA’s Greg Flakus reports.
Video

Video Young Filmmakers Shine Spotlight on Giving Back

A group of student filmmakers from across the United States joined President Barack Obama at the White House this month for the second annual White House Student Film Festival. Fifteen short films were officially selected from more than 1,500 entries by students aged 6 through 18. The filmmakers and their families then joined the president and a group of celebrities for a screening of their films. VOA’s Julie Taboh reports.
Video

Video VOA Exclusive: Interview with Afghan President Ashraf Ghani

Afghan President Ashraf Ghani, during his first visit as president to Washington, gave a one-on-one interview with VOA Afghan Service reporter Said Suleiman Ashna, about his request for a change in U.S. troop levels, the threat from the Islamic State, and repairing relations with the United States and Pakistan. The interview was held at Blair House, late Sunday, in Pashto.
Video

Video California Science Center Tells Story of Dead Sea Scrolls

The ancient manuscripts were uncovered in the mid-20th century, and they are still yielding clues about life and religious beliefs in ancient Israel. As VOA's Mike O'Sullivan reports, an exhibit in Los Angeles shows how modern science is bringing the history of these ancient documents to life.
Video

Video Angelina Jolie Takes Another Bold Step

Hollywood actress and filmmaker Angelina Jolie has revealed she had her ovaries and fallopian tubes removed to lower her odds of getting cancer. Doctors say the huge publicity over her decision will help raise awareness about the importance of cancer screening. VOA’s George Putic has more

All About America

Circumventing Censorship

An Internet Primer for Healthy Web Habits

As surveillance and censoring technologies advance, so, too, do new tools for your computer or mobile device that help protect your privacy and break through Internet censorship.
More