Business community appeal for interest loans cancellation.
The leader of business communityAyiiDuangAyii appealed for cancellation of (100%)hundred percent interest rate local loan beingpractice.
Speaking during press conference yesterday, Ayii said the 100% interest rate has affected the economy and small businesses, calling the practice a business cancer.
“This is very important day for us to know about the disease called cancer. The cancer that we are talking about is the cancer of those who lend money to people with the interest of paying back double per a month and if you failed to pay then you will be taken to prison and the more time you spend in prison, the more the interest increasing,” he said.
“Those people who are practicing this are the business people of South Sudan, this habit is dangerous in our community it has affected many people and the country at large,” he strongly stressed.
“As business community, we have received many complains about this issue because there are business people who run to the niegbhouring countries whose family got destroyed and even the country itself being tarnished,” he added.
Ayii said the Ministry of Finance said there is no law that explain about such practices.
He added that President Salva Kiir Mayardit and other vice presidents as well as other concern heads of ministries have agreed to look into the issue and will likely cancel practice.