Central Bank Governor swiftly reversed exchange rates reforms announced on Monday evening that devalued South Sudanese Pound against foreign currencies.
The exchange rate reforms were designed to prevent unpredicted economic shocks and encourage foreign investment.
Kornelio Koriom Mayik on Wednesday revoked the decision with immediate effect after a tense parliamentary debate.
He said he respected the decision of the National Legislative Assembly and could not divert from it because it reflected people’s will.
Deputy Speaker Mark Nyipuoc ruled that the Governor immediately revoked his decision after heated deliberations of a quorum of 207 legislators demanding him to do so.
Mr Nyipuoc added amidst MPs’ cheers and ululations that the Central Bank Governor and Finance Minister should appear in the National Legislative Assembly on Monday to explain why the exchange rate reforms should be introduced after the national budget was approved.
Many lawmakers, including Reich Moth who moved the motion to summon the Central Bank Governor to the house, expressed satisfaction with the ruling.
They reiterated that the rate reforms were affecting people negatively, citing queues for fuel and suffering of citizens.