![Man (hands seen) holds sum of South Sudanese Pound in the black market in Juba [Photo by ELRHA]](https://i0.wp.com/www.sudanspost.com/wp-content/uploads/2020/09/South-Sudan-Cash-Transfer.jpg?resize=1024%2C597&quality=89&ssl=1)
Based on the official daily exchange rate published by the country’s central bank on Saturday, 1 United States dollar is traded at 775 SSP.
Traders in the parallel market sell it at 800 South Sudanese pound.
This means that 100 US dollar is sold there at 80,000 South Sudanese pound, according to currency traders in the parallel market in the capital Juba.
“As I speak to you, one hundred dollars is sold at 8100 South Sudanese Pound. We buy it are 795 or 800 South Sudanese pound and I believe that very soon, if not next week, we will have to sell it at 1000,” one trader who requested not to be named told Sudans Post on Saturday evening.
Last week, the bank said the rise in the strength of the US dollar against the local currency is partly due to the hikes of interest rates by the US Federal Reserve which it said has affected global economies.
In a statement last week, the bank urged local banks to and forex bureaus to display their exchange rates openly in order to enable the public to deal with authorized dealers, rather than risking “with unreliable umbrella and streets dealers.”
“The Bank of South Sudan, in collaboration with the treasury reiterates its strong commitment to implementing the Revitalized Agreement reforms agenda of restoring macro-economic stability,” the statement reads.
Poor financial policy brought this. Those who pretend to be government officials are selling south Sudan cheaply to there golddigger neighbors.
Central Bank has got the most closed minded fools who owned country income and took advantages of the decline of currency to still more dollars shame on you shameless robbers of my beloved country.
sefl interest and greediness is the only thing killing us because other top officials work for their stomach’s but not the country’s development
So unfortunate that government is not able to handle the economic crisis of the country despite oil exports.
we need to do more to come out of this mess.
there is a need for a deep analysis of the factors leading to this hyperinflation.
maxedsonkor@gmail.com
The economy iss not that stable because the revenue is less compared to expenditures
what’s really happening to this country of ours
if only peace comes back
we will 4ever be grateful but until dat disaster shall not depart from south Sudan