As the country faces shortage of cash, an economist has urged the Minister of Finance and Planning to deploy six strategies to rescue the situation.
In his letter addressed to Dr Marial Dongrin Ater the Minister of Finance and Planning, the economist calls for immediate solution to the shortage of cash in the country.
Baak Chan Yak Deng (MAF) statement followed a public concern where salaries are released monthly while there is no cash to give to the government workforce.
In the recent media statement Dr Marial Dongrin the Minister of Finance and Planning admitted the shortage of cash in the country and vowed to ensure that it is resolve.
The economist expressed that the best strategic measures to address a cash shortage in bank would depend heavily on the specific context of the shortage.
According to him, to effectively resolve the ongoing cash shortage crisis the Ministry of Finance and Planning should Enhance Liquidity Management.
The step would Increase the supply of cash through coordinated efforts between commercial banks and the central bank and Optimize cash reserves hence ensure timely replenishment of ATMs and branches.
In addition, the economist urged the government to immediately Improve Cash Flow Planning.
Under this program there is need for a conduct forcomprehensive forecasting to anticipate cash demand and prevent shortages.
These authorities would encourage banks to adopt real-time monitoring systems for cash flow management.
In regards to Strengthen Banking Infrastructure, the economist emphasizes on the need to Invest in modern cash handling and transportation systems to increase efficiency and also expand digital financial services to reduce reliance on physical cash.
Others steps to handle shortage of cash in the system include, Policy and Regulatory Support by Implementing policies that incentivize cashless transactions, reducing pressure on physical cash reserves and facilitate easier access to digital banking and mobile payment platforms.
According to the economic observer Collaboration with the Private Sector remain vital in resolving the shortage of cash.
“Implementing these measures will help stabilize cash availability, improve financial system resilience, and foster confidence among the public and stakeholders” the economist said.
He added that there is need for the Ministry of Finance and Planning to intensify the shortage of cash.
“Without knowing the specific details of the reported shortage, it’s impossible to provide a perfectly tailored list” he added.
On separate statement Abraham Maliet an economist also called on the public to bank their money as respond to the shortage of cash in the system.
He expressed that shortage of cash is related to the case where some members of the society continue to keep alot of money in cash in their houses.
Recently South Sudan’s Minister of Finance and Planning, Dr. Marial Dongrin Ater, said on Wednesday the shortage of South Sudanese pounds has crippled the economy, plunging the government into uncertainty.
South Sudan’s economy has been under pressure in recent years, with crude oil export revenue having dwindled since 2013.
The economic outlook has been worsened due to disruption of crude oil export via Port Sudan amid ongoing civil war in neighbouring Sudan, which erupted on 14 April 2023.
The South Sudan Pound (SSP) has continued to lose value against the U.S. dollar, resulting in high inflation in the market.
In his key remarks during the swearing-in of the Central Bank Governor in Juba this month Dr. Marial said the government is unable to pay civil servants due to a cash shortage.
“We have the major challenge that you will face is how to address the cash shortage in the economy,” Dr. Marial said.