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South Sudan abandons U.S. dollar for local currency
By James Anyanzwa
The East African, Nairobi, Kenya
Saturday, February 11, 2023
South Sudan's government has suspended the use of the U.S. dollar and instead directed all transactions be executed in the local currency, the South Sudanese pound, in a move feared to stifle economic activity in the war-ravaged economy.
Most transactions in the country are carried out using the dollar, largely due to hyperinflation and the volatility of the local currency.
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However, the Bank of South Sudan has banned the use of the greenback and directed that all commercial contracts be signed in the local currency.
"That is a clear directive from the central bank that all the transactions in South Sudan must be done in our currency. So all commercial contracts must be signed in our local currency," Michael Makuei Lueth, South Sudanese information minister, said through the Chinese state-run English-language news channel CGTN. ...
... For the remainder of the report:
https://www.theeastafrican.co.ke/tea/news/east-africa/south-sudan-abandons-us-dollar-4119662
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