South Sudanese Pound loses further value against U.S. dollar
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April 12, 2017 (JUBA) – South Sudanese Pound (SSP) depreciated further
against the United States Dollar (USD) in the second week of April,
triggering hikes of market commodities.
$1 USD fetches SSP 146 on the black-market, up from $1USD for SSP 135
in the first week of April. Traders have attributed the increase to
the Christian Easter holidays.
“Many people are purchasing United States dollars to send to their
families for holidays in East Africa and those who receive their
salaries in dollars are not selling because they are likely to spend
the festival season with their families outside South Sudan,” a South
Sudanese economist asking to be identified as John said.
Black-market dealers credit the economy’s deterioration to the
government, who fail to boost the local circulation of money and pay
civil servants timely.
“So money is just circulating in the hands of a few top politicians,
those who have the connections to get from the Central Bank (of South
Sudan) and send to their families. Everyone else is suffering in
silence,” said Kun Majok, a black-market dealer.
On Tuesday, Jubek State civil servants, led by the workers union,
stormed the office state ministry of labour and demand three months
wages and an increment.
“We have not been paid for three months, since January this year
(2017) and you are expecting us to continue to work,” said Andrea
Felix, a state employee who claimed to have not been going to work for
the past two weeks.
“It doesn’t make any difference at all. Whether you go to work,
spending your small savings on transport, buying water in town or
staying away from work,” said Felix.
Central Bank of South Sudan and the Ministry of Finance abandoned the
fixed exchange rate in December 2015 from $1USD to SSP 2.96. The
exchange has since doubled several times, with some economists
estimating that the SSP lost more than 90% of its value since December
2015.
The inflation rate is estimated at 900%, one of the highest in the
world. However, government employees, including teachers, health
workers and other professional receive between SSP 600 and SSP 2,000
or $4 to $13 on the current black-market exchange rate.
President Salva Kiir fired both Central Bank governor and Minister of
Finance last year and appointed new replacements with the hope of
improving the economy but the situation continues to deteriorate.
“The situation will continue to worsen unless the government addresses
corruption in the oil sector, designs clear and well managed local
taxes and customs duties,” said an employee in the National Ministry
of Finance, requesting anonymity to speak freely.
South Sudan depends on oil sales for 90% of the revenue but the low
global oil price means less US dollars is received monthly. The
finance official said the behaviour of tax collectors and senior
government politicians has not changed for better.
“We are still in the same situation, where customs officials spend
revenue and oil money as they wish, small as it might be, it is
mismanaged,” he added.
South Sudan oil sales are managed by state-own Nile Petroleum
(NilePet). This giant oil company has come under the spotlight for
mismanagement, with junior employees leading lavish lifestyles despite
the worsening economic situation in the country. In an article,
published by Sudan Tribune last month, Juba resident and leading
blogger Deng Kiir Akok under the heading: “Wedding in Juba - How can
you tell if a bridegroom works for NilePet?” shed a grim light.
“In case you come across wedding cars out there on the roads, it’s
easy to tell. One need not waste time guessing where could be his
place of work. If the wedding cars are Land Cruiser V8, then
automatically that bridegroom works for NilePet or simply call him a
Nilepeter,” Deng wrote, adding that most employees, including himself,
have suspended their birthday’s celebration, not to mention luxurious
weddings.
NilePet declined to comment when contacted.
Deng, whose story was widely shared on social media by South Sudanese
said he was warning locals about dangers of crossing the road on
weekends between Freedom Hall, the main wedding centre west of Juba
and Juba-On-Time photo studio.
“My message to Juba pedestrians is that they should be watchful of
wedding cars while crossing roads on weekends, especially on the road
that links Freedom Hall in Custom, Marx Studio in Nimra Talata and
Juba-On-Time Studio at Mobil roundabout,” he added.
For the economy to improve, economists say the war between the
government and the armed groups in various parts of the country has to
stop.
(ST)
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13 April 07:32, by Resolution
Mar. President should stop buying chemical weapons that he has
been purchasing since 2012 when preparing for war let the Dinkas
advisers advise him to channel the donated fund to developmental
projects for him to rid from economic worsening in the country. if $1
USD fetches SSP 146 on the black-market what do you think where this
young nation is heading. dollar Oyee, inflation oyee.
repondre message
13 April 10:12, by Kuch
Mr. Resolution, Don’t worry chap, but do you have any solution
to the current war in our country or you are being used the evil
corporate Camera, the UK, their UN, their sleazy NGOs and some of
their criminals in our country? If you don’t, then please be very
careful>>>
repondre message
13 April 10:19, by Kuch
South Sudanese people didn’t take arms to be fed the US,
the UN, the UK, their UN, their sleazy NGOs and some of their
criminals in between. We took up arms not to depend on anyone. Why we
just grow our own foods and we are going bomb the damn white
Americans, English people, their evil juus, their NGOs and some of
their of their evils in between>>>
repondre message
13 April 10:22, by Kuch
South Sudanese people didn’t take arms to be fed by the
US, the UN, the UK, their UN, their sleazy NGOs and some of their
criminals in between. We took up arms not to depend on anyone. But our
own selves, so why we don’t we grow our own foods? And let us going
bomb the damn white Americans, English people, their evil juus, their
NGOs and some of their of their evils in between>>>
repondre message
13 April 10:33, by Kuch
out of our country? Fellows, be very careful. South
Sudan is Adinka/Jieng country and North Sudan is Dinka/Jieng of the
Sudan country. And we will never ever allow any rubbish from any
country here in our country to toy around with our country and our
people, not again.
repondre message
13 April 10:34, by Kuch
out of our country? Fellows, be very careful. South
Sudan is Adinka/Jieng country and North Sudan is Dinka/Jieng of the
Sudan country. And we will never ever allow any rubbish from any
country here in our country to toy around with our country and our
people, not again.
repondre message
13 April 13:16, by Dengda
@ Kuch
I think you are suckling blood money or
beneficiary of the war or else you completely lost your mind, as its
shows how you write and duplicate the same comment all over.
repondre message
13 April 10:26, by Ayuiu Makuac Lam
Every things is needed to be changed in South Sudan including
life of the people must be change by God. Oh God ear me.
repondre message
13 April 10:32, by Midit Mitot
Shit! where is Mr. Akuma and his bro? look at your leadership
guys, is it a country or it seem so?
repondre message
13 April 11:04, by Akuma
Mitot,
All fundamental measures to restore the country’s economic
and political situation back to it normalcy are underway.
Please inform your bandits & gangs who are still holding
guns to abandoned rebellions and join government with National
Dialogue initiative and this is where the country will achieved all
its needs.
repondre message
13 April 12:37, by Midit Mitot
Akuma,
How will you guys preach for national dialogue while
your tribal Militia call Mathiang Anyoor are still killing civilians
in the country? like in Wau, Lou Nuer land and greater equatoria etc.
repondre message
13 April 14:37, by jubaone
Akuma
If you can’t run your junk jienge states on stolen
money, how can you run a whole economy with half idiots and illiterate
luakjienges? Running an economy is not similar to running after cows.
There’s more to that. You can’t read a Book 2 English book and claim
to be a English teacher. Look at Dep Min of Finance, no academic
qualifications but son of jienge kiirminal elder.
repondre message
13 April 07:47, by Eastern
People can resort to using cow skin in lieu of the SSP banknotes.....!
repondre message
13 April 09:49, by engatuny
Axing the governor and minister is not a solution; option of
reverting back to fixed exchange rate is not helpful either....its
just text book knowledge we are applying.
Action on ARCISS so that peace returns & oil production increases
to level prior to 2012 shutdown. Livestock keepers need to leave
cultivable land to those whose tradition is agriculture so that they
concentrate on farming.
repondre message
13 April 09:52, by deng kual acot
The truth must be said and spokent from the true people.
As SSP looses value against foriegn currency, is so the SPLMA and
our Tribal leadership headed by His Execellency Salva Kiir is Loosing
Value and popular support too in S.S. Believe me, if the regim can
normalize this current exchange rate to $1 USP to fetch 8 SSP, know
that we shall continue to reign in leadership in S.S & not enslave
later
repondre message
13 April 09:58, by deng kual acot
The best thing to do here is for His Execellency to consult with
his God Father H.E Yoweri Kaguta Museveni to Send Assistance Lecturers
from Uganda to come and Lectur Salva Kiir with His Subjects on he
country Economy and the Exchange Rates. If Dr. Profesors, They will
not understand them and the lectures will create no meaning or impact
on the egim.
repondre message
13 April 10:18, by deng kual acot
I fail to understand why traditional theory and belive of a
Cow/Cattle be transfered to National leadership that, when taken to
drink clean Water, first DEFICATE, URRINATE and MIX the WATER WITH
MADD in order to DRINK IT. Salva and his Reign/Tribal regime.
repondre message
13 April 12:49, by Future1
Too dangerous for the common men and women. Let us stop wars and
build our country.
repondre message
13 April 13:11, by Dengda
Sentry report from enough project carry water, there are
beneficiary of the war and they believe that if war stop and peace
return, the will get anything apart from reforming agendas which they
hate the most. Mathiang Anyoor and tiger may have secret payment that
why the enjoy and like fighting, ministers and others easily get
dollars for their families and travel, economic is far more reach.
repondre message
13 April 15:51, by Tim Atiep
Dengda,i hope your comments should not make any sense at all
if you are preaching the song of war,no separate payment done to
Mathianganyor to fight the rebels nor Tiger instead they are for
self-defend when they are attacked by rebels of your Boss Riek
Machar.Am from Nuer Lou and i can’t support nonsense of Riek preaching
for War in South Sudan instead for Peace.
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