S. Sudanese Pound reaches unprecedented record low as gov’t plans replacement – dealers
![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]
This comes less than a week after information minister and government spokesman Michael Makuei Lueth said the government was planning to introduce a new currency, amid economic downtrend.
Speaking to Sudans Post this afternoon, several dealers at Juba market said the pound was traded between SSP 690-710 against US dollar, a record low rate that many dealers said they have never seen.
“As you I am speaking to you, one US dollar is traded at 690-710 South Sudanese Pound which is the highest price for United States dollar I have ever seen,” Deng Makuac, a currency dealer in Juba said.
Another trader said they expect the dollar rate to reach SSP 1000 in the coming weeks, given last week’s government announcement that it plans to change the currency because, according to him, citizens will not report their money to the bank and would instead prefer to exchange them with dollars.
“I think this situation will continue and will get worse in the weeks ahead. People will not take them back to bank and will chose to come here (parallel market) because they would think that teh government will control their money,” the trader who identified himself as Marco said.
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.
Handing over the power to somebody is not a defeat but is the sign which shows that you care about your people’s lives.
South Africa experient this same situation which we are in, And because Jahco Juma cares about the lives of the people, he stepped down to open way for new beginning.
the change of currency will save south sudan to be free even the economic crisis which affect the citizen of south sudan in different state will be reducted,so thats a good idea which government decide to do and is better for our life,and i will like our goverment to take that is a seriouse case at any way to balance that economic crisis in country
That will be good because we have suffer enough
It is not 100% effective in solving high prices in the market because there will be still high demand for US dollar to purchase goods outside the country since the black market is the only option for our businessmen to find US dollars, therefore, am asking our government to make sure that US dollar currency is available for businessmen at affordable rate hence the prices may drop.
It is important in a way that almost all the money will be bank and regulated easily.
Changing currency is not the solution to South Sudan problems but buildings a strong relationship USA could be the finest solution to end problems rather than sticking with China.you want to stick with China so that you will continue to loot the Country.
Super G
I think the delayment of new currency gave chances to those looters, unpatriotic citizens to exchange them with dollars & burried them in their home. I wish our government could have taken quick action on this plan
The same people who sank the economy cannot raise it up from its knees. Let them step aside and leave others to do the job.
This situation is not about the leadership that brings us economic crisis
We the citizens of this country
We the root cause of this situation