JUBA — The government of South Sudan is forecasting further decline in the exchange rate of the U.S dollar against South Sudanese Pounds.
Speaking to reporters during a cabinet of Ministers meeting in Juba on Friday, Information Minister who is also the government Spokesman, Michael Makuei Lueth said there is going to be a significant drop in the exchange rate of the dollar against the pound.
“One U.S dollar has dropped in value from SSP 62,000 to 45,000 and it has been stable at 45,000 for a reasonable period. There is hope that this will continue,” Makuei told reporters during a cabinet meeting on Friday.
Lueth warned traders against hoarding of goods with the aim to increase the price once the dollar rate surge against the local currency.
“My advice to business people and the traders is that the value of the pound will not go down any longer but continue to be strong,” he said.
“Instead of keeping prices high, they should come down to the normal prices so that they don’t continue to cheat the people of South Sudan based on the market value of the dollar,” he added.
He disclosed that the cabinet has directed the Economic Committee to study best ways to sustain the value of the dollar against the pound low.
“The Committee has been directed to continue with studies and the context so that we can see how best we can move forward from here and sustain the low value of the dollar so that our economy can improve,” he disclosed.
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