President Kiir

President Salva Kiir has blamed the loss of the value of the country’s currency on capital flight.

The President says most of the hard currency generated within is spent outside the country.

Kiir made the remarks this morning during a meeting with the newly appointed Central Bank Governor and his deputy and the Deputy Minister of Finance, in the presence of the Minister of Finance.

The audio of the remarks was shared with journalists by the press unit after the meeting.

One US dollar now sells at 103 pounds in the parallel market, and around 87 pounds at the Central Bank.

President Kiir expressed concerns about the diminishing value of the pounds.

“What is it that made us lose the value of our money? Is it something that can be corrected, can it not be corrected?” The President asked the officials.

“One of them is that, our people took their money out of the country, and money taken out of the country does not benefit us.

“Most South Sudanese have decided to reside out of the country; they just come here to get some dollars and go.

“That will never make us grow. But we cannot force people to remain in South Sudan, when we are not sure about the security.

“Foreigners who are working here, including the NGOs, have decided to bank outside South Sudan, and they just bring salaries for their employees.

“Local employees have decided to pay them in local currency, and they pay their international [staff] in hard currency. That is very unfair.

“I’m not an economist, but I think it has an effect on the country’s economy.”

The president also urged the new Central Bank officials not to disappoint the South Sudanese people.