South Sudan presidency announces currency regained value by 20%

JUBA – South Sudan presidency has announced that the local currency, Pound, has gained strength by twenty (20) per cent following implementation of new monetary policies by the country’s Central bank.

The announcement was made following a meeting between President Salva Kiir Mayardit and Central Bank Governor Dier Tong Ngor who also briefed the head of state on the latest development in the country’s economy.

“President Salva Kiir Mayardit was briefed by the Governor of Bank of South Sudan Dier Tong Ngor on the implementation process of the new monetary policy adopted by Central Bank to inject 5 million US dollars weekly to commercial banks to curb the skyrocketing inflation in the market,” the statement said.

Speaking to the media following the media attended by Presidential Affairs Minister Barnaba Marial Benjamin, the Ngor said “the Central Bank has applied this monetary policy to control the volatility of exchange rates.”

He further added that the local currency has regained its value by at least 20 percent owing to the new monetary policy being implemented by the Central Bank.

“South Sudanese pound recently gained value against US dollar approximately 20% and the Government of National Unity is working hard to bring the commodities prices to minimum,” he added.