S. Sudanese Pound continues to fall against dollar
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April 18, 2017 (JUBA) – South Sudanese Pounds (SSP) depreciated
further against the United States Dollars (USD) in the black market in
the third week of April, hitting a new low.
$1 sales for 162 SSP, up from $1 to 145 SSP last week in the parallel market.
“But when you are buying from the traders [money exchange dealers],
they will charge you 17,000 South Sudanese Pounds for 100 [U.S.]
dollars,” said James Nhial who deals in money exchange in Customs
Market, the second largest market in Juba.
South Sudan floated the fixed exchange rate in December 2015 and there
is no official foreign currencies rate set by the government since
then.
For the landlocked country, which depends on import for food items,
the depreciation of South Sudanese Pounds against the U.S. dollar is
promptly reflected in the market.
“Today, a litre and half [1.5L] of bottled mineral water has surged to
60 SSP from 40 SSP at the beginning of this month,” said Ahmed Musa, a
Somalia shopkeeper in Sherikaat, a southern suburb of Juba.
However, a half liter of bottled water costs 100 SSP in hotels in Juba
town, a no-go zone for most of South Sudanese.
“For those of us who are government employees, we don’t go to those
hotels – those places are reserved for foreigners and top government
officials,” said Ayuel, a South Sudanese government employee.
Ayuel added that the “real problem is not luxury dining in hotels but
what to put on the table at home for the kids.”
A 50 kg of maize flour costs 5,500 SSP – doubling the wages paid to
senior government director.
South Sudan economy depends on oil for up to 98%. The declined of oil
prices and the war triggered off an economic crisis in 2015.
Some economists say inflation has now reached 900% and South Sudanese
Pounds has lost more than 90% of its value since December 2015 – when
the fixed exchange rate for SSP against USD was floated.
(ST)
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19 April 01:38, by Adok son
SS will never be the same again unless her president is Dr Riek
Machar Teny,so that its legal tenders will improve to compete with
US-Dollar.
repondre message
19 April 03:26, by Kush Natives
Riek Machar will not smell South Sudan government, Let alone
fixing her money! He should starts coming to his previous home
Khartoum to fix inflation there. If that’s what you are waiting, then
expect your grey hair under the trees. We have no more for the
traitors.
repondre message
19 April 03:28, by Kush Natives
Correction: we have no more room for the traitors here any longer!
repondre message
19 April 06:24, by padiit gaga
Wow this is good news S.Sudan economic will not work under
bad regime unles Dr.Risk is President other wise this regime will die
without merry with sanctions.
repondre message
19 April 06:15, by Eastern
Let Kiir and Taban "fix" the runaway inflation with the help of
Festus Mogae. Alternatively, Kiir and shelve his SSP bank notes for
now and use the Kenyan shillings or the Ugandan shillings. South
Sudan’s current predicament has been faced by Zimbabwe before!!!!
repondre
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