South Sudan President’s Office Cites Price Spike for Central Bank Purge
- Inflation almost tripled last year, may double in 2018: IMF
- Oil-producing nation has been beset by conflict since 2013
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South Sudanese President Salva Kiir fired the central bank’s governor after he failed to rein in consumer prices that almost tripled last year, the presidency said.
Kiir is struggling to stabilize an economy that has contracted for the past three years after a civil war broke out in 2013 and as slumping oil prices crimped the government’s main source of revenue. Inflation is forecast to more than double this year and next, according to the International Monetary Fund.