The Bank of South Sudan and Ministry of Finance & Economic Planning should reverse the devaluation now before the South Sudan Pounds become completely worthless, says an advocate.
Mabor Maker Dhelbeny in an opinion publication writes that the appalling situation in the country needs urgent solution.
Either the decision of currency devaluation by the Central Bank is reversed or else revoked by the National Legislative Assembly, Advocate Maker advises.
Foreign Exchange Business Act, 2012 stipulates that the Central Bank Governor may in consultation with the Minister of Finance restrict the exchange rate when there is a severe deterioration in its balance of payments, the advocate says.
Should the currency devaluation continue as it is, South Sudan like Zimbabwe in 2009 may abandon its currency and adopt a multiple currency system, he observes.
Advocate Maker fears that the currency devaluation may result into soldiers going on rampage in towns, looting markets, smashing windows of shops and overturning vehicles like what happened in Zaire during the regime of dictator, Mobutu Sese Seko.