Cabinet suspends currency devaluation

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The Council of Ministers in its regular meeting on Friday blessed the parliamentary decision to revoke exchange rate reforms devaluing South Sudanese Pounds against Dollar.
 
Government spokesperson Michael Makuei Lueth told journalists that the cabinet resolved that the exchange rate of Pound should remain 2.95 per one Dollar.
 
He added that the cabinet resolved to give more time for studying advantages and disadvantages of currency devaluation before implementation.
 
The spokesperson said the cabinet directed the Ministry of Finance to pay salaries of government employees on time particularly before Christmas.
 
Mr Makuei said the Finance ministry faces a lot of problems including repayment of money borrowed during the austerity measures due to the oil shut down in 2012.