Author: Lasuba Memo | Published: 2 hours ago
Ahmed Morgan, Economist and entrepreneur and Eye Media CEO
South Sudanese economists have urged the Central Bank to introduce higher currency denominations, warning that the country’s highest banknote has lost its purchasing power amid rising inflation.
Speaking during a public discussion, certified accountant and Chief Executive Officer of Eye Media, Stephen Omiri, said the 1,000-pound note, currently the highest denomination in circulation, can no longer support basic daily transactions.
Omiri said prices in local markets have increased beyond the value of the highest note, making cash transactions difficult for ordinary citizens.
“I recommend that the Central Bank considers printing higher currency denominations because the current highest note has lost its value,” Omiri said. He suggested introducing larger notes such as 5,000 or 10,000 pounds to reflect current economic realities.
Economist and Associate Professor at the University of Juba, Ahmed Morgan, supported the proposal, describing the continued circulation of small denominations as uneconomical in an inflationary environment.
Morgan said global economic trends show that as inflation rises, countries move toward higher currency denominations, adding that printing low-value notes wastes public resources.
Beyond currency reform, both economists stressed that restoring peace is essential to stabilizing South Sudan’s economy and ensuring the success of financial reforms.
Omiri said peace is necessary to rebuild public confidence and allow the country to focus on economic recovery, particularly as the country prepares for elections.
Morgan described peace as the foundation of all economic activity, noting that production and consumption cannot take place in an environment of insecurity.
“Without peace, businesses cannot operate, workers cannot produce, and economic growth cannot take place,” Morgan said, warning that monetary reforms by the Central Bank would have limited impact unless lasting stability is achieved.
The economists concluded that introducing higher currency denominations and prioritizing peace are critical steps toward addressing South Sudan’s ongoing economic challenges.
