S. Sudan economy continues decline despite changes at top financial institutions

JUBA – South Sudan’s embattled economy has continued to decline, despite changes , in September, at the country’s top financial institutions, Sudans Post has been told by traders this morning.

In August, the Central Bank of South Sudan announced that it has ran out of foreign exchange reserve and as such could not control the price at which United States Dollar and other major foreign currencies are traded.

A month later, President Salva Kiir Mayardit dismissed the finance minister, Revenue Authority head, and Nilepet boss, apparently for corruption and inability to fix the economy.

Athian Diing Athian who was previously a deputy finance minister was appointed to replace Garang.

Athian last month made promises that he would fix the economy.

However, speaking to Sudans Post this morning, traders at Juba market said the dollar price has continued to skyrocket.

The traders also said the commodity prices have also been going up in recent weeks which does not show the changes at the ministry of finance and the revenue authority affects the situation in the market.

“There is no sign that the country’s economy is going to be stable, because now as we speak, the dollar price is 520 SSP, and the commodity prices has continued to go up day after day,” one trader said.

Another trader said “If you go to buy in the morning, in the afternoon you will find a price different from teh one in the morning. So, this is a sign that the economy is not picking despite the changes that the President has made.”