S. Sudan’s Pound gains strength against foreign currencies as gov’t promise more dollars

JUBA – South Sudan’s local currency, the Pound, is slightly gaining more strength against foreign currencies less than two weeks after the government auctioned $3,000,000 in a bid to revive declining economy, traders told Sudans Post on Sunday.

Speaking to reporters on April 13, South Sudan’s Central Bank chief Dier Tong Ngor said the bank has sold $3 million to 22 qualifying commercial banks in Juba and was intending to sell more dollars to help traders purchase essential food commodities which always come from abroad.

“We will continue to conduct this affix auction for some time until we feel that the market is supplied with sufficient resources and the key players are able to take their role in the market whereby the prices or exchange rate will be determined based on the forces of supply and demand in the market,”  Ngor said on April 13.

Speaking to Sudans Post on Saturday afternoon, several currency traders at Juba market said they have since Saturday seen slight decline of dollar’s power and are expecting further decline as Pound – which was trade at 630 last week against one dollar – is now being traded at 550 rate against dollar.

“Since Friday, there has been declined in the power or strength of dollar. Last week, it was between 600 and 630, but on Friday, it went down to 550 pound for one United State dollar. This is a promising step by the pound and we expect more decline by USD,” the trader who identified himself as Angelo, said.

Another trader expressed happiness over the government decision to auction more currency on weekly basis and said “we are now on the right track in improving our economy unless the government will not be committing itself to what it said.”