![South Sudan Information minister and government spokesman Michael Makuei Lueth [Photo via SSNA]](https://i0.wp.com/www.sudanspost.com/wp-content/uploads/2020/09/rss-inister-for-information.png?ssl=1)
Speaking to journalists following a cabinet meeting in Juba on Friday, Michael Makuei Lueth, South Sudan’s information minister and government spokesman, said the government has decided to introduce a new currency because citizens are keeping their money at home without taking it to the banks on fears that they may be confiscated by the government.
“One of the reports is that most of our citizens are hoarding currency in their houses, and most of them hoard it for so many reasons. There are some who fear if they take their money to the bank, it may be confiscated and so forth. However, this is a normal situation that has been happening and there are always solutions for it,” Makuei said.
“So the cabinet has decided that the currency be changed. The currency should be changed so that anybody who does not take his money to the bank, is left out and will lose his money,” he added.
Makuei who did not however give timeline said the withdrawn soon, and asked the people to report their money to the banks to avoid long queues.
“Those who are hoarding South Sudanese money in their houses are advised to put it into the banks to avoid queuing up for exchanging the currency,” Makuei said.
The depreciation and devaluation of any currency is not caused by the colour of the money note but by bad economy and bad governance. If South Sudan wants to change her currency will not solve or alleviate the current situation in the country. Any change makes by the government, South Sudanese pounds will be more valueless.
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