Africa-Press – South-Sudan. South Sudan will inject an unspecified amount of U.S. dollars into the market in the coming days to combat rising inflation, Finance and Planning Minister Eng. Awow Daniel Chuang said on Thursday.
The move aims to stabilize the South Sudanese pound against the dollar and curb price increases, Chuang told reporters in Juba.
“In a few coming days, we will be injecting money and this money will be in the market because you know the market has been thirsty for so long, there has been not enough hard currency in the market,” Awow said.
“That is why you can see that everybody wants hard currency, those who are buying hard currency for their families and those who are going to buy goods, I think there has been a shortage and this shortage now is what we are trying to address directly.”
Chuang acknowledged the shortage of hard currency and said the government is working with the Ministry of Petroleum and National Revenue Authority to secure resources to address the economic crisis.
“We are making sure at least to avail some resources for us to arrest the situation and as we speak today, we just arrived, we were on a trip trying to help the situation by knocking on doors and getting some quick support to the government so that we can able to work,” he said.
The economic situation has been worsened by oil disruptions in Sudan, Chuang added. South Sudan relies heavily on oil exports, which account for more than 90% of its revenue.
For More News And Analysis About South-Sudan Follow Africa-Press
