President Kiir: The devaluation of our currency is really devastating

Posted: November 29, 2016 by PaanLuel Wël in Commentary, Contributing Writers, Junub Sudan, Opinion Articles, Opinion Writers

By Gen. Salva Kiir Mayardit, Juba, South Sudan

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November 29, 2016 (SSB) — Devaluation of our currency is really devastating. We are all being affected as citizens of South Sudan by this issue. I am addressing this issue as we have come up with remedies to put it to a stop or say solutions to restore back the valuable currency we once had. This is a major thing that is contributing to our economy downfall. My people your government is working on it. Be hopeful my people, we are going through this together and the government will end it.

A strong currency means a strong economy hence a better life for the citizens of that particular country. It won’t take half a year before our currency bounces back to its original value. We are going to work seriously on our currency revaluation. We are going to adopt a type of fixed-exchange-rate monetary arrangement also known as currency board. The main objective of the currency board will be to exchange our currency for the anchor currency at a fixed rate-exercising no discretionary money system.

Changing our currency will not be a good idea otherwise it would have been an option. We treasure our currency and we want to bring back its original value without failure. The rate of depreciation of our currency against the US currency since we attained independence has been at an usually fast pace and this has been of our concern. Nothing is accomplished without a process so I am telling you that we have already started working on how to restore our currency value.

There is a great need to work on factors affecting exchange rate as they are the root cause of currency depreciation or appreciation. We need to be competitive in the market and this should start with our local businesses. If we outsmart other countries that are trading with us then it will lead to increase in our products demand in the market and this in return will lead to our currency appreciation. Your government is willing to work with the citizens to achieve this.

We are going to increase the interest rates. If our interest rates rise relative to elsewhere, it will become more attractive for everyone elsewhere to deposit money in South Sudan. The motive behind this is to let people get better return from saving in our banks. This will therefore prompts South Sudanese pounds to rise. It’s a thing that will come to pass really soon as the government is working on it.

The opinion expressed here is solely the view of the writer. The veracity of any claim made are the responsibility of the author, not PaanLuel Wël: South Sudanese Bloggers (SSB) website. If you want to submit an opinion article or news analysis, please email it to paanluel2011@gmail.com. SSB do reserve the right to edit material before publication. Please include your full name, email address and the country you are writing.

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Comments
  1. David says:

    Change the rate back to where it was in the beginning, things will be fine

    Like

  2. Panda Yentueng says:

    It is really devastating! Have learnt about it of the recent? Thank you very much for holding us hostages in our own country! You and your men on board will be paid due prices during the election time if there is going be elections in 2018. Let the man who is writing this economic analysis for you, transform the words into actions! You are also welcome to popular and intellectual blog!

    Like

  3. David Matiop says:

    Another positive step Mr.President. I wonder when the rate exchange excceeded beyond black market 18.5 which promoted devaluation of South Sudanese pounds by government and some government officials were insisted that they are reducing US dollars against S.S pounds which most of us believed that it was a black game against your government and the people. Now if the government want to save and rescue the economic since things went beyond ordinary citizens control, why can’t the government who has capacity reduce the rate of dollar official from where it is now to 350 ssp?

    Like

    • Alam says:

      Nobody should fall for this. If the Government know what the effect of valuation why did they allow it from the beginning. Do not let this president fool y’all. The citizen need to push this guy out by staging a National Disruption Parade with specific demands. All this suffering going in South Sudan is being allowed by the Citizen and this the right time to wake up my people. A Day of National Disruption is coming soon.. Stay Tune!!!

      Like

  4. Intellectual says:

    Wangkel aka Ateny what to groom his visionless leader to suit himself with people demand, we don’t want him anymore, or else fragmentation of South Sudan into former three region could be alternative if Kiir mayardit don’t relinque the top diplomatic and administrative seat.

    Like

  5. Part Man Part Machine says:

    Dear President,
    Are you really reasonings or someone wrote on your behalf, I doubt these show off measures you’re thinking or talking of, if there’s no peaceful settlements of our current crisis unless you wanted black market dealers (Koryomdit & First Family) to thrive by reintroducing fixed exchange regime.
    Currently, Our country is in a mess created by you and Riek Machar-Teny and you know very well majority of our international friends don’t trust your leadership, please protect the little legacy you have and go home.
    Where’re the reserves to cushions the forces of demand and supply in the market, do you have enough hard currencies in central bank or you have mortgaged our country to individuals. To be honest, your office and Mayen Wol’s group have depleted our national reserves and if not because of corrupted judicial system, you could have faced charges as well impeachment.

    Like

  6. Köördit says:

    I doubt if this could be President Kiir, If he is the owner of this articles, then the end of the world is near. we should go for prayers. If you are Mr. president, then advice Mr. Aldo Ajou!

    Like

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