South Sudan currency depreciates further as dollar rate jumps to SSP758

JUBA, FEBRUARY 6^th 2023 (SUDANS POST) – South Sudan’s local currency, the Pound, has yet again plummeted to a new low after the country’s central bank published its daily rates on Monday indicating that it is selling dollar at SSP758.

According to currency traders in the parallel market in the capital Juba, $1 is being sold at 765, while it is being bought by the traders at around 760 South Sudanese pound, with traders expressing fears that the dollar rate may jump to a record high in the next few weeks.

“As I speak to you, I buy it at SSP760 or SSP763 and I sell it at SSP765. This is because the government has decreased the dollar injections since it started making some policy changes and this is badly affecting the market,” said one trader who don’t want to be named.

“I am afraid that this rate will continue to worsen in the next few weeks and the prices are skyrocketing once again. The government needs to do something to address the situation because this way, we will be in a very bad situation,” he added.

Another trader who also refused not to be named told Sudans Post that the government is taking more taxes which he said is one of the factors forcing traders to increase prices and called on the government to address the matter.

“There are high taxes by the government. We shouldn’t be blamed at the end of the day for the increase in prices and the government needs to stop these taxes in order for the people to enjoy the little they have,” the trader said.