Pound gains more strength against foreign currencies as dollar drops to SSP 350

JUBA – The South Sudanese pound is gaining more strength against foreign currencies after traders said from Juba this morning that the dollar rate has dropped to SSP 350 down from 450 it was yesterday.

“As I predicted yesterday, the dollar price has dropped up from 450 South Sudanese  pounds yesterday to 350 this morning and we expect that the price will drop further,” a Sudanese currency trader at Suk Juba told Sudans Post this morning.

However, some traders in Custom are telling Sudans Post that the price for $1 has remained between SSP 450 and SSP 480.

It remains unclear if the government has injected more funds into the market as it promised two days ago after comments by information minister announcing plans for currency change sparked confusion among traders pushing dollar price to 830 on Wednesday.

The presidency however said in a statement on Wednesday 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.