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Traders fear 1000 banknote will hike prices

By Emelda Siama John

Traders in Konyokonyo Market haveexpressed concerns that the introduction of the new banknote will cause increase of commodity prices in the market.

In a survey conducted by Juba Monitor yesterday,the traders saidthe dollar exchange rate in the black market may increase the prices of basic commodities in the markets.

EmeldaTombe, a vegetable seller in Konyokonyo market said the Central Bank should revivethe One Pound note instead of introducing a higher denomination, saying black market dealers will exploit the 1000 banknote to raise the rate of dollar.

“They should instead bring back one pound and five pounds, this 1000 banknote will not help solve anything. It does not make any sense at all,” she said.

Another trader who owns a wholesale shop in Konyokonyo, David Lucky said 10 and20 pounds may soon disappear as a result of the introduction of the 1000 banknote.

“Because it will not make the economy to be stable due to introduction of the new note, they should at least decrease the money. The money keeps on depreciating which makes the economy not to be stable,” David said.

David added that he can benefit from this big note because it is very easy to carry million thousand note in the pocket than carrying in a polythene bag.

Newton Sunday, a trader who ownsa bookshop in Malakia said,“the coming in of the new notewill make everything to come in for instance the rate of dollar will rise up, adding at least the price of dollar have to be reduced in the black market.”

This week, the bank of South Sudan[BOSS]announced the introduction of the 1000 banknote to restore convenience characteristics of the currency.

In a press statement to the media, the governor of the bank, Dier Tong Ngor said that they carried out a review to ensure that the available denominations were aligned with macro-economic condition and demands.

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