National, News

We Have Enough Dollars in reserves-minister

By Staff Writer

South Sudan government is trying to restore citizens’ hope as the country experiences sickling economy, hit hard by hyperinflation exacerbated partly by Sudan war.

In attempts to console citizens who are bearing the brunt of the worsening economic crisis, the government revealed it has enough hard currency in reserves to address inflation in the market.

This came after Finance Minister, Dr. Dier Tong Ngor and Central Bank Governor, Johnny Ohisa Damian briefed President Kiir on the latest monetary plans the financial institutions are employing amidst crises.

The Minister Dier revealed a plan to inject enough US dollars into the foreign exchange market in order to meet the high demand for hard currency.

He added that it will also strengthen the local currency, whose rate continues to depreciate against the US dollar.

“We have reached a concrete solution to avail dollars into the market to address the high inflation,” Minister Dier disclosed in a statement on the president’s Facebook page.

According to Minister, the release of the anticipated hard currency would bring down consumer prices in the market.

Meanwhile, Central Bank Governor, Johnny Ohisa Damian also alluded government’s effort to tame the high commodity prices in the market as a result of runaway market inflation.

“The bank is going to be financing import of essential commodities at the moment,” said Ohisa.

The government also alluded that it has reached an agreement with Uganda to supply basic food commodities to South Sudan’s markets.

“A delegation from Uganda led by Lt. Gen. James Mugira discussed with President Kiir, the plans to ensure a sufficient supply of basic commodities to South Sudan,” Kiir’s office disclosed.

Following the meeting, Gen. Mugira reportedly said the move is aimed at stocking South Sudan’s markets with excess basic commodities, hence lowering the prices.

He said they discussed with the President consolidating the existing bilateral relations between Juba and Kampala.



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