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Dollar rate dramatically drops to SSP 450

by Sudans Post
October 15, 2020

Man (hands seen) holds sum of South Sudanese Pound in the black market in Juba [Photo by ELRHA]
Man (hands seen) holds sum of South Sudanese Pound in the black market in Juba [Photo by ELRHA]
JUBA – Traders in South Sudan’s capital Juba are telling Sudans Post that the dollar price has dramatically dropped to SSP 450 per $1, a day after jumping to unprecedented rate against the pound to become SSP 830.

“The dollar has dropped and it is now traded at 450 South Sudanese pounds. I think the government decision yesterday to inject more dollars into the market is working. We expect the dollar price to reach SSP 300 tomorrow and this is promising.

Yesterday, the government said it has directed the ministry of finance and the central bank to inject more dollars into the market.

Yesterday’s sharp rise in dollar price came after information minister Michael Makuei said the government is planning to introduce a new currency to help improve the country’s failing economy.

However, the presidency said in a statement yesterday that last week’s cabinet meeting did not discuss or agree to replace the country’s currency, and President Salva Kiir was angered when he decided to call the emergency cabinet meeting about the issue.

The statement said President Kiir blamed Makuei for announcing the said change of currency which the statement said has led to the current depreciation of Pound against United States dollar.

The cabinet meeting today discussed the “current Economic Crisis in the Country with particular focus on the hyperinflation rate in the market due to the announcement made by the Minister of Information and Communication, Michael Makuei Lueth mentioning a change of country’s Currency after the meeting of the previous Friday Cabinet meeting,” yesterday’s presidency statement seen by Sudans Post partly reads.

“President Salva Kiir questioned the Council of Ministers, why an announcement of currency change was made to the public last Friday yet it was not part of the agenda and resolutions of the previous cabinet meeting,” it added.

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Comments 10

  1. Nakidimo sebit Joseph says:
    5 years ago

    good job Mr. President and new minister of finance, we hope good progress in bringing back currency form to it position.

    Reply
    • Kadembi Samuel says:
      5 years ago

      Thanks H.E the President of south Sudan for your excellent addressing the public for the improvement in economic development sector of the country as well as reduction in dollars exchange rate which had been a challenge to the business promises some days ago
      Secondly I also thank you for highlights us on the currency exchange that was announced when the cabinet are fully agreed about it meanwhile we shall continued as usual thanks a lot H.E and your cabinet ministers.

      Am KADEMBI SAMUEL.

      Reply
  2. Sebit Robert Joseph says:
    5 years ago

    Still, the reduction in the dollar rate is not a solution to the country economy.The permanent solution to South Sudan inflation should be pease and improving different economic sectors rather than relaying on only the oil revenue

    Reply
  3. James maliet manyuat says:
    5 years ago

    Thank you mr. President need move

    Reply
  4. Gatkhor biel says:
    5 years ago

    Many thanks to our excellent the president and the cabinet Minister for little change that the had made but is not solution for the economy crisis in our country.The only solution for this situation is to comitted our ourselves to bring peace to our nation.

    Reply
  5. Wieu Makuacdit says:
    5 years ago

    Thank president kiir

    Reply
  6. Tut Riek says:
    5 years ago

    That is good to our government to take action quick

    Reply
  7. Drabile Zuberi says:
    5 years ago

    The govt policy of favouring few individuals to get dollar from the banks and sell on the black market is the major course of inflation, I hope u have learned ur lesson.

    Reply
  8. Mawa Joseph says:
    5 years ago

    The only solution to our problem in south Sudan is to bring PEACE allow peace to reign then economic will grow security improvement should be the key factor like in 2007-2011 times nothing more let us silence other nations who think we can not bring PEACE to our Country by Implementing everything and to show them we are PEACE loving people not the other way round
    And we hope H.E The president of South Sudan with his cabinet bring us that HOPE now
    GOD BLESS YOU H.E THE PRESIDENT and YOUR CABINETS

    Reply
  9. Deng Kuanyin Chol says:
    5 years ago

    Thank President that is good move

    Reply

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Sudans Post

Sudans Post is an independent, young, and grass roots news media organization aimed at providing readers with an alternate depiction of events that occur on Sudan, South Sudan and East Africa, and to establish an engaging social platform for readers to discover and discuss the various issues that impact the two countries and the region.

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