South Sudan government to introduce coins on Independence Day - Article <http://www.sudantribune.com/spip.php?article55643#tabs-1> - Comments (0) <http://www.sudantribune.com/spip.php?article55643#tabs-2>
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This is according to the specialized committee of economy, finance and development in the South Sudan’s national parliament. The chairperson of the committee, Gach Makuach, told Sudan Tribune that the coins will be in the denominations of 5, 20 and 50 piastres. MP Makuach said the country now needed to produce things locally such that the local produce will be bought with coins other than using one pound upwards. He said the public should remain calm despite the rising inflation in the country, saying this will be corrected in time. “Secondly, the public may say that why are you producing this one at this time while the inflation is so high and the rates are so high. Yes, there will be a time where this inflation will come down,” Makuach said. The coin is made of the head of the sitting president Salva Kiir hence drawing mixed reactions in the streets before its circulation, with many questioning why the head of Kiir in the coins. Abraham Deng said producing the coin with the sitting president’s head will clearly show that Kiir is a true dictator that all the rest will follow once they take over from him in the future in a country where leaders are ambitious to steal history. Deng added that, producing the coin with the head of the “former hero Garang” was recommendable other than making it in president Kiir’s picture “despite the great evils he has caused [to] the economy of South Sudan.” This is the first effort by South Sudan to make one pound divisible since independence in 2011. Speaking to journalists on Tuesday, the governor of the Bank of South Sudan, Kornelio Koryom, said that the move came because small denomination paper notes had proven unpopular. “Many people did not want it. They said it cannot buy anything, you need to accumulate a lot of it so that you can be able to buy something,” said Koryom. Last year, the bank introduced the smaller amount notes of 5, 10, and 25 piastre, to enable citizens buy items less than a pound. “They are created for those who will buy needles, those who will buy shirt buttons, those who will buy tobacco and so many other things,” he added. Governor Koryom said the smaller coins will continue to help people buy essential commodities of all prices. He confirmed that the launch of the new coins will be witnessed on 9 July as the country marks it 4th independence day at John Garang’s ground in Juba and across the country. 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