Dollar rate dramatically drops to SSP 450
![Man (hands seen) holds sum of South Sudanese Pound in the black market in Juba [Photo by ELRHA]](https://i1.wp.com/www.sudanspost.com/wp-content/uploads/2020/09/South-Sudan-Cash-Transfer.jpg)
Man (hands seen) holds sum of South Sudanese Pound in the black market in Juba [Photo by ELRHA]
“The dollar has dropped and it is now traded at 450 South Sudanese pounds. I think the government decision yesterday to inject more dollars into the market is working. We expect the dollar price to reach SSP 300 tomorrow and this is promising.
Yesterday, the government said it has directed the ministry of finance and the central bank to inject more dollars into the market.
Yesterday’s sharp rise in dollar price came after information minister Michael Makuei said the government is planning to introduce a new currency to help improve the country’s failing economy.
However, the presidency said in a statement yesterday that last week’s cabinet meeting did not discuss or agree to replace the country’s currency, and President Salva Kiir was angered when he decided to call the emergency cabinet meeting about the issue.
The statement said President Kiir blamed Makuei for announcing the said change of currency which the statement said has led to the current depreciation of Pound against United States dollar.
The cabinet meeting today discussed the “current Economic Crisis in the Country with particular focus on the hyperinflation rate in the market due to the announcement made by the Minister of Information and Communication, Michael Makuei Lueth mentioning a change of country’s Currency after the meeting of the previous Friday Cabinet meeting,” yesterday’s presidency statement seen by Sudans Post partly reads.
“President Salva Kiir questioned the Council of Ministers, why an announcement of currency change was made to the public last Friday yet it was not part of the agenda and resolutions of the previous cabinet meeting,” it added.
good job Mr. President and new minister of finance, we hope good progress in bringing back currency form to it position.
Thanks H.E the President of south Sudan for your excellent addressing the public for the improvement in economic development sector of the country as well as reduction in dollars exchange rate which had been a challenge to the business promises some days ago
Secondly I also thank you for highlights us on the currency exchange that was announced when the cabinet are fully agreed about it meanwhile we shall continued as usual thanks a lot H.E and your cabinet ministers.
Am KADEMBI SAMUEL.
Still, the reduction in the dollar rate is not a solution to the country economy.The permanent solution to South Sudan inflation should be pease and improving different economic sectors rather than relaying on only the oil revenue
Thank you mr. President need move
Many thanks to our excellent the president and the cabinet Minister for little change that the had made but is not solution for the economy crisis in our country.The only solution for this situation is to comitted our ourselves to bring peace to our nation.
Thank president kiir
That is good to our government to take action quick
The govt policy of favouring few individuals to get dollar from the banks and sell on the black market is the major course of inflation, I hope u have learned ur lesson.