{"id":32706,"date":"2023-02-25T16:48:36","date_gmt":"2023-02-25T16:48:36","guid":{"rendered":"https:\/\/www.africa-press.net\/south-sudan\/all-news\/imf-backs-south-sudan-push-to-restrict-dollar-transactions"},"modified":"2023-02-25T16:48:36","modified_gmt":"2023-02-25T16:48:36","slug":"imf-backs-south-sudan-push-to-restrict-dollar-transactions","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-sudan\/all-news\/imf-backs-south-sudan-push-to-restrict-dollar-transactions","title":{"rendered":"IMF backs South Sudan push to restrict dollar transactions"},"content":{"rendered":"

Africa-Press – South-Sudan. <\/strong><\/span>The International Monetary Fund (IMF) has backed a move by the South Sudanese government to restrict using the US dollar in local transactions and contracts as part of the efforts by President Salva Kiir\u2019s administration to contain the high cost of living that has hit households and businesses.<\/p>\n

\u201cThe IMF supports the South Sudan authorities\u2019 efforts to ensure that the existing legal framework regarding legal tender for domestic transactions is respected,\u201d IMF Resident Representative for South Sudan Guy Jenkinson told The EastAfrican.<\/p>\n

The Bank of South Sudan (BoSS) has restricted the use of the dollar in local transactions in favour of the highly volatile South Sudanese Pound (SSP).<\/p>\n

The banking regulator has also ordered government institutions to sign dollar-based global contracts under the oversight of the ministry of Finance and Planning, effective January 27.<\/p>\n

South Sudan is pushing for the de-dollarisation (use of domestic currency as legal tender) of the economy to tame dollar speculation, improve the value of its currency and lower the cost of living.<\/p>\n

However, the decision has elicited mixed reactions from the investing fraternity fearing that commercial activity will be adversely impacted, including operations of government, financial institutions, NGOs, civil society organisations, hospitality industry, travel agencies, commercial agencies, service industry, entertainment industries and private businesses that have heavily relied on the dollar for transactions.<\/p>\n

BoSS through a circular dated January 27 said the \u2018\u2018unacceptable\u2019\u2019 practice of using the dollar has fundamentally undermined and threatened to erode public confidence in the SSP as a legal tender and must be entirely \u2018\u2018discouraged\u2019\u2019.<\/p>\n

\u201cIt\u2019s prohibited for any institution, official or private within the legal jurisdiction of the republic of South Sudan to dominate its commercial transactions in any currency other than SSP. These include rent fees, travel industry, hotels, entertainment services, restaurants, commercial outlets, private services contracts and monetary dealings,\u201d said Johanny Ohisa Damian, the BoSS Governor.<\/p>\n

For More News And Analysis About South-Sudan<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Sudan. The International Monetary Fund (IMF) has backed a move by the South Sudanese government to restrict using the US dollar in local transactions and contracts as part of the efforts by President Salva Kiir\u2019s administration to contain the high cost of living that has hit households and businesses. \u201cThe IMF supports the […]<\/p>\n","protected":false},"author":84,"featured_media":32704,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[234,265,233],"class_list":["post-32706","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-south-sudan","tag-south-sudan"],"yoast_head":"\nIMF backs South Sudan push to restrict dollar transactions - South Sudan<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/south-sudan\/all-news\/imf-backs-south-sudan-push-to-restrict-dollar-transactions\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IMF backs South Sudan push to restrict dollar transactions\" \/>\n<meta property=\"og:description\" content=\"Africa-Press – South-Sudan. The International Monetary Fund (IMF) has backed a move by the South Sudanese government to restrict using the US dollar in local transactions and contracts as part of the efforts by President Salva Kiir\u2019s administration to contain the high cost of living that has hit households and businesses. \u201cThe IMF supports the […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/south-sudan\/all-news\/imf-backs-south-sudan-push-to-restrict-dollar-transactions\" \/>\n<meta property=\"og:site_name\" content=\"South Sudan\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-02-25T16:48:36+00:00\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/south-sudan\/all-news\/imf-backs-south-sudan-push-to-restrict-dollar-transactions#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/south-sudan\/all-news\/imf-backs-south-sudan-push-to-restrict-dollar-transactions\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/south-sudan\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"IMF backs South Sudan push to restrict dollar transactions\",\"datePublished\":\"2023-02-25T16:48:36+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/south-sudan\/all-news\/imf-backs-south-sudan-push-to-restrict-dollar-transactions\"},\"wordCount\":329,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/south-sudan\/all-news\/imf-backs-south-sudan-push-to-restrict-dollar-transactions#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/south-sudan\/sites\/32\/2023\/02\/postQueueImg_1677331137.96.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-South-Sudan\",\"South-Sudan\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/south-sudan\/all-news\/imf-backs-south-sudan-push-to-restrict-dollar-transactions#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/south-sudan\/all-news\/imf-backs-south-sudan-push-to-restrict-dollar-transactions\",\"url\":\"https:\/\/www.africa-press.net\/south-sudan\/all-news\/imf-backs-south-sudan-push-to-restrict-dollar-transactions\",\"name\":\"IMF backs South Sudan push to restrict dollar transactions - 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