Devaluation of South Sudanese Pound: A Sound Economic Policy in Unsound Economic Environment
Author: Adel Sandrai
Organization: The Sudd Institute
Type: Weekly Reviews
The move by the Bank of South Sudan to devaluate the South Sudanese Pound was met with stiff opposition from the cross-section of the public. The market reacted nervously to the decision. The National Legislative Assembly summoned the Governor of the Central Bank and demanded for an explanation. But when the bank chief requested that he should be given time to prepare a detailed explanation, the Members of Parliament ordered that he revokes his order with immediate effect.
The Sudd Institute this week takes a look at the effect of the devaluation of the South Sudanese Pound on the economy and citizens. It will also explore the possible factors that might have necessitated such a decision to be made at this particular time.