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South Sudan parliament rejects the devaluation of local currency

Juba – Members of the National Parliament yesterday have rejected the decision issued by the Central bank authorities to ban the official rate for South Sudanese pound against US dollars in the country, shifting the exchange to floating.

The MPs said  the floating exchange rate will not help recover the current economic shock in the country. The local currency devalued from official rate of 2.96 to 18.5 per one dollar.

The members deliberated on the issue and said the realignment of the rate will affect the common citizens who are earning less than 20 dollars a month.

One of the MP said that “the solution for the economy of South Sudan to improve is to embrace peace and implement it in letter and spirit”

When there is positive move on the implementation of the agreement the rate in the black market drops significantly. He attributed the improvement of country’s fragile economy to immediate end of war and leaders focus on implementation of the peace agreement.

The arrival of opposition advance team to Juba can boost hopes for the people to realize peace and tranquility in the country.

Another MP who doesn’t want to be named for security reasons accused some top leaders and senior army officers to be benefiting from this war, with most of then not happy to see the implementation of the agreement is fully done.

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