South Sudan’s local currency slumps to record low as dollar shortage bites

JUBA – South Sudan’s pound has sunk to a new low against the U.S. dollar, raising concerns about rising food prices and economic hardship.

The exchange rate reached SSP 3,010 to the dollar on Wednesday, according to a well-placed source who spoke to Sudans Post.

This comes just a week after police intensified a crackdown on money speculators.

The source revealed that the price of 100 U.S. dollars skyrocketed to SSP 283,000 yesterday, reflecting a significant depreciation of the South Sudanese pound.

A Juba resident who spoke anonymously expressed frustration at the rising cost of necessities, with little hope for improvement.

“This is the situation, even if the dollar price goes down, the price would remain high,” the resident said.

The crackdown follows an order by Bank of South Sudan Governor Dr. James Alic to arrest black market currency traders.

Inspector General of Police Gen. Atem Marol confirmed that police are enforcing this directive.

In April 2024, the Bank of South Sudan initiated the final phase (Phase IV) of its plan to reorganize the informal foreign exchange market.

The aim was to curb speculation and stabilize the exchange rate. However, the recent depreciation suggests these efforts have yet to yield significant results.