South Sudan, through the country’s Central Bank, has announced the launch of an ambitious reform plan to boost the South Sudanese pound.
A statement from the Central Bank of South Sudan (BOSS) revealed steps to be taken, including the formation of a specialized currency management committee, as part of efforts to enhance monetary stability and address economic challenges.
The Governor of Bank of South Sudan Dr. Addis Ababa chaired an expanded meeting to that effect, which was attended by his deputies and financial leaders.
During the meeting, Dr Ababa revealed that the South Sudanese pound (SSP) reforms will include strengthening of monetary policy to curb inflation and liquidity crisis.
It will also involve the development of digital infrastructure for the banking sector as well as enhancing currency security features to combat counterfeiting.
The new committee formed to oversee the will be headed by Samuel Yanga Mikaya, who is the First Deputy Governor of the Central Bank.
The team is expected to present practical solutions to the liquidity crisis in the coming weeks.
This move comes as part of the government’s efforts to achieve long-term economic stability, with expectations of a fundamental shift in financial performance.
Deputy Governor, Rita Nyankeer Akwon described the reforms as a ‘historic step,’ to stabilize the local currency, strengthen the economy and boost citizens and investors’ confidence in the country.
The South Sudanese pound, abbreviated as SSP, is the official currency of the Republic of South Sudan.
South Sudan Pound is subdivided into 100 piasters.
The medium of exchange was approved by the Southern Sudan Legislative Assembly (SSLA) before its secession on the 9th of July 2011 from Sudan.
Nine days later the SSP was introduced on 18 July 2011, to replace the previous Sudanese pound at par, then from the 1st of September 2011, the Sudanese pound ceased to be legal tender in South Sudan.
On October 8, 2020, due to rapid depreciation of the South Sudanese pound’s exchange rate with the United States dollar, South Sudan announced that it may soon change its currency, but now the central bank wants to improve the tender.