Most transactions in the country are carried out using the US dollar, largely due to hyperinflation and the volatility of the local currency. However, the Bank of South Sudan has banned the use of the greenback and directed that all commercial contracts be signed in the local currency. “That is a clear directive from the Central Bank that all the transactions in South Sudan must be done in our currency. So all commercial contracts must be signed in our local currency,” Michael Makuei Lueth, South Sudanese Information minister, said through the Chinese state-run English-language news channel CGTN. South Sudan is the major oil producer in the East African region, but its near-total dependency on the oil has made the resource a curse.

Source: Daily Nation February 11, 2023 11:03 UTC