The government of South Sudan has reportedly prohibited U.S. dollar-based transactions and has directed that all local payments be settled in the local currency. The Salva Kiir Mayardit government reportedly said it also wants all signed commercial contracts to be based on the local currency.
South Sudan’s Economic Meltdown
As part of initiatives aimed at reviving South Sudan’s war-torn economy, the government of Salva Kiir Mayardit recently outlawed U.S. dollar-based transactions, a report has said. In place of the greenback, the government reportedly directed that all local payments be settled with the local currency, the South Sudan pound (SSP).
According to a report in The East African, the move by the South Sudan government is likely to negatively impact the operations of importers and regional banks stationed in the hyperinflation-hit country.
Prior to banning dollar transactions, Slava Kiir’s government had set up a committee charged with recommending measures to resuscita
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