Foreign currency prices drop to lowest rates as $1 sells at SSP350

JUBA – South Sudan’s local currency, the Pound, has gained a significant strength against foreign currencies with traders at Juba market telling Sudans Post this morning that United States Dollar has dropped to its lowest rate in two years.

The significant improvement in the Pound’s strength against foreign currencies comes after the government employed a policy of injecting at least 5 million dollars on a weekly basis in the market in a bid to help traders import basic commodities.

In interviews with Sudans Post this morning, currency traders at Juba market said they have seen decline in dollar price and said 1 United States Dollar was sold at SSP350  yesterday evening and is expected to continue the decline today.

“Yesterday, it was 350 South Sudanese pound. That is for one dollar, today, we expect to see more decline because nobody is looking for it as we speak, I haven’t sell anything (dollar) since yesterday,” one trader who requested to be named because of the restrictions on currency market said.

Citizens react

Reacting to the decline of dollar prices, several citizens who spoke to Sudans Post expressed disappointment and said they are not that happy about the decline because it does not change the prices in the market.

“It has been going down. It reached 700 and now it came down to 350, but why the prices are still up?” a boda-boda wondered when asked by Sudans Post. “So, I am not happy because it is not a life changer.”

Other citizens who also spoke to Sudans Post said they are looking up to the unity government to improve the economy and to bring down prices of goods that have kept going up despite the decline in foreign currency prices.