South Sudan’s local currency continues decline against dollar

JUBA, FEBRUARY 18^th 2023 (SUDANS POST) – South Sudan’s local currency is witnessing one of its hard times since the outbreak of the country’s deadly five-year-old civil war in 2011, losing a very good value of its strength against foreign currencies such as the United States dollar.

Based on the official daily exchange rate published by the country’s central bank on Saturday, 1 United States dollar is traded at 775 SSP.

Traders in the parallel market sell it at 800 South Sudanese pound.

This means that 100 US dollar is sold there at 80,000 South Sudanese pound, according to currency traders in the parallel market in the capital Juba.

“As I speak to you, one hundred dollars is sold at 8100 South Sudanese Pound. We buy it are 795 or 800 South Sudanese pound and I believe that very soon, if not next week, we will have to sell it at 1000,” one trader who requested not to be named told Sudans Post on Saturday evening.

Last week, the bank said the rise in the strength of the US dollar against the local currency is partly due to the hikes of interest rates by the US Federal Reserve which it said has affected global economies.

In a statement last week, the bank urged local banks to and forex bureaus to display their exchange rates openly in order to enable the public to deal with authorized dealers, rather than risking “with unreliable umbrella and streets dealers.”

“The Bank of South Sudan, in collaboration with the treasury reiterates its strong commitment to implementing the Revitalized Agreement reforms agenda of restoring macro-economic stability,” the statement reads.