South Sudan’s local currency plummets to new low as dollar hits SSP730

JUBA, JANUARY 26^th 2023 (SUDANS POST) – South Sudan’s local currency has depreciated further against foreign currencies in its official rate with US dollar being sold at SSP730.

This is according to daily exchange rate published by the central bank and unverified claims on social media suggest that 1 US dollar is being sold at 750 SSP in the black market.

The latest depreciation of the local currency comes less than a week after the central bank asked businesses to operate using the pound.

It also ordered local commercial banks to shut down government accounts with immediate effects.

South Sudan’s economy deteriorated following the outbreak of civil war in December 2013.

The deadly conflict resulted in the shutdown of oil fields with government diverting the little resources it had to war efforts.

Attempts by the government to revive the economy have proven futile as corruption has also been blamed for lose of large amounts of money.