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

Turkey: No Ransom Paid for Release of Hostages Held by IS Militants

President Erdogan hails release of hostages as diplomatic success but declines to be drawn on whether their release freed Ankara's hand to take more active stance against insurgents More

Audio Sierra Leone Ends Ebola Lockdown

Health ministry says it has reached 75 percent of its target of visiting 1.5 million homes to locate infected, educate population about virus More

US Pivot to Asia Demands Delicate Balancing Act

As tumult in Middle East distracts Obama administration, efforts to shift American focus eastward appear threatened 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.
Natural Gas Export Plan Divides Maryland Towni
X
Deborah Block
September 21, 2014 2:12 PM
A U.S. power company that has been importing natural gas now wants to export it. If approved, its plant in Lusby, Maryland, would likely be the first terminal on the United States East Coast to export liquefied natural gas from American pipelines. While some residents welcome the move because it will create jobs, others oppose it, saying the expansion could be a safety and environmental hazard. VOA’s Deborah Block examines the controversy.
Video

Video Natural Gas Export Plan Divides Maryland Town

A U.S. power company that has been importing natural gas now wants to export it. If approved, its plant in Lusby, Maryland, would likely be the first terminal on the United States East Coast to export liquefied natural gas from American pipelines. While some residents welcome the move because it will create jobs, others oppose it, saying the expansion could be a safety and environmental hazard. VOA’s Deborah Block examines the controversy.
Video

Video Difficult Tactical Battle Ahead Against IS Militants in Syria

The U.S. president has ordered the military to intensify its fight against the Islamic State, including in Syria. But how does the military conduct air strikes in a country that is not a U.S. ally? VOA correspondent Carla Babb reports from the Pentagon.
Video

Video Iran, World Powers Seek Progress in Nuclear Talks

Iran and the five permanent members of the U.N. Security Council plus Germany, known as the P5 + 1, have started a new round of talks on Iran's nuclear program. VOA State Department correspondent Pam Dockins reports that as the negotiations take place in New York, a U.S. envoy is questioning Iran's commitment to peaceful nuclear activity.
Video

Video Alibaba Shares Soar in First Day of Trading

China's biggest online retailer hit the market Friday -- with its share price soaring on the New York Stock Exchange. The shares were priced at $68, but trading stalled at the opening, as sellers held onto their shares, waiting for buyers to bid up the price. More on the world's biggest initial public offering from VOA’s Bernard Shusman in New York.
Video

Video Obama Goes to UN With Islamic State, Ebola on Agenda

President Obama goes to the United Nations General Assembly to rally nations to support a coalition against Islamic State militants in Iraq and Syria. He also will look for nations to back his plan to fight the Ebola virus in West Africa. As VOA White House correspondent Luis Ramirez reports, Obama’s efforts reflect new moves by the U.S. administration to take a leading role in addressing world crises.
Video

Video Migrants Caught in No-Man's Land Called Calais

The deaths of hundreds of migrants in the Mediterranean this week has only recast the spotlight on the perils of reaching Europe. And for those forunate enough to reach a place like Calais, France, only find that their problems aren't over. Lisa Bryant has the story.
Video

Video Westgate Siege Anniversary Brings Back Painful Memories

One year after it happened, the survivors of the terror attack on Nairobi's Westgate Shopping Mall still cannot shake the images of that tragic incident. For VOA, Mohammed Yusuf tells the story of victims still waiting for the answer to the question 'how could this happen?'
Video

Video Militant Assault in Syria Displaces Thousands of Kurds

A major assault by Islamic State militants on Kurds in Syria has sent a wave of new refugees to the Turkish border, where they were stopped by Turkish border security. Turkey is already hosting about 700,000 Syrian refugees who fled the civil war between the government and the opposition. But the government in Ankara has a history of strained relations with Turkey's Kurdish minority. Zlatica Hoke reports Turkey is asking for international help.
Video

Video Whaling Summit Votes to Uphold Ban on Japan Whale Hunt

The International Whaling Commission, meeting in Slovenia, has voted to uphold a court ruling banning Japan from hunting whales in the Antarctic Ocean. Conservationists hailed the ruling as a victory, but Tokyo says it will submit revised plans for a whale hunt in 2015. Henry Ridgwell reports from London.
Video

Video A Dinosaur Fit for Land and Water

Residents and tourists in Washington D.C. can now examine a life-size replica of an unusual dinosaur that lived almost a hundred million years ago in northern Africa. Scientists say studying the behemoth named Spinosaurus helps them better understand how some prehistoric animals adapted to life on land and in water. The Spinosaurus replica is on display at the National Geographic museum. VOA’s George Putic has more.
Video

Video Iraqi Kurdistan Church Helps Christian Children Cope find shelter in churches in the Kurdish capital, Irbil

In the past six weeks, tens of thousands of Iraqi Christians have been forced to flee their homes by Islamic State militants and find shelter in churches in the Kurdish capital, Irbil. Despite U.S. airstrikes in the region, the prospect of people returning home is still very low and concerns are starting to grow over the impact this is having on the displaced youth. Sebastian Meyer reports from Irbil on how one church is coping.


Carnage and mayhem are part of daily life in northern Nigeria, the result of a terror campaign by the Islamist group Boko Haram. Fears are growing that Nigeria’s government may not know how to counter it, and may be making things worse. More

AppleAndroid