Bank official denies devaluing S Sudanese pound

South Sudan’s central bank governor Kornelio Koriom denied reports that he wrote a letter to President Salva Kiir requesting devaluation of the South Sudanese pound against the US dollar.

South Sudan’s central bank governor Kornelio Koriom denied reports that he wrote a letter to President Salva Kiir requesting devaluation of the South Sudanese pound against the US dollar.

South Sudan has witnessed a turbulent economy since fighting broke out in December last year. The US dollar previously traded at SSP 4.5 on the black market but is now selling at SSP 5.0.

“While I was away for medical checkups in Germany, media reported that I had written a letter to the president regarding the devaluation of the South Sudanese pounds,” Koriom said in a press conference he held at the Central Bank premises on Monday. “That is untrue and baseless.”

“If there is any concrete information regarding that then it should be produced in order to substantiate such claims,” he added.

The bank official asserted that nobody intends to devalue the South Sudanese pound. He added that before he travelled abroad he instructed his deputy not to make any statements on montary issues or other controversial matters affecting the market.

“The only statement my deputy made was on the alleged letter I had written to the president after I told him to so,” he said.

The governor further said he held a meeting with the finance committee where they concluded that there were no arrangements in place to devalue the pound.

Koriom stressed the bank does not want South Sudan to experience high inflation or unstable prices.

“So we need to be careful when it comes to the issues that could have negative impact on the public,” he said.

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Radio Tamazuj Photo: Second Deputy Speaker Hon Yasmin Samuel chaired the sitting in September ordering an investigation into the Central Bank