JUBA, MAY 15, 2023 (SUDANS POST) – The South Sudanese Pound on Monday morning reached a new low against the United States Dollar, with the exchange rate hitting at least 901 South Sudanese Pounds against one dollar.
According to the official foreign currency rate published by the central bank this morning, one US dollar is traded at SSP901, SSP984.8 for EURO, 1129.4 for GBP, SSP6.59 for Kenya Shilling, SSP0.24 for Uganda Shilling, SSP2 for Sudanese Pound, and SSP16.3 for Ethiopian Bir.
While the ongoing conflict in Sudan has certainly been a contributing factor to South Sudan’s economic woes, other issues like political instability and lack of economic reforms have also been highlighted as factors contributing to the current situation.
Speaking to Sudans Post, two traders at the parallel market said the dollar is being traded between 1100 and 1200 and warned of price hike in the coming weeks while referring to the ongoing conflict in neighboring Sudan.
“The dollar now is being sold between 1100SSP and 1200SSP and I think the situation is going to be very bad in the coming weeks because of the war in Sudan and lack of government policy on how to maintainer the value of the pound,” he said on condition of anonymity.
The local trader further called on the government to take measures to rescue the economy, saying that once the prices go up, they won’t come down even if the dollar rate is going to return to its normal price against the local currency.
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