Economy: Pound depreciates further as $1 is traded at SSP 830

JUBA – The South Sudanese Pound has depreciated further this morning, a day after reached unprecedented record low against the United States Dollar, according to currency dealers at Juba market.

“Today, as I speak, one American Dollar is 830 South Sudanese Pound and I think tomorrow it will be one hundred and the next week it will double,” one trader told Sudans Post from Juba on condition of anonymity.

Another trader said some of his colleagues in custom have began selling $1 for SSP 850, and expects the price to reach 1000 at the end of the day or this afternoon.

“Some of my friends working here have started selling it at 850 SSP and I am sure that it would be 1000 at the end of the day or before in the afternoon,” the trader said on condition of anonymity.

The depreciation comes a week after the government announced that it is introducing a new currency soon.

South Sudan, world’s youngest country, has in recent months witnessed devastating economic crisis imposed by the coronavirus pandemic, corruption at the country’s financial institutions, and the global fall in oil prices.

President Salva Kiir Mayardit in August and September introduced changes in key financial institutions, the ministry of finance, the Nilepet, and the National Revenue Authority, but those changes have not affected the economic reality of the country.

Prior to those changes, the country’s central bank had announced that it could not control the oil prices because it has ran out of hard currency and owes millions of dollars to local banks and companies.