Home | News    Sunday 8 January 2017

S. Sudanese Pound further weakens against U.S. dollar

separation
increase
decrease
separation
separation

January 07, 2017 (JUBA) – South Sudan’s local currency (SSP) further weakened, in the first week of January, against the U.S. dollar ($) indicating the deteriorating economic situation in the oil-dependent country.

JPEG - 40.7 kb
Women carrying babies are commonly seen queuing at commercial banks and forex exchange companies in Juba. Trade in dollars has now become a lucrative business in South Sudan (ST/File)

On Friday, a 1$S sold for 105 SSP, which showed a significant surge from the $1 sold at 90 SSP late last year.

A number of traders Sudan Tribune interviewed attributed weakening of the SSP to increased demands from families abroad and the scarcity of hard currencies.

"People are sending more [U.S] dollars to their families in Uganda and Kenya and this has place a huge pressure on the black market and currency traders are maximizing their profits," said John Ladu, a trader dealing in money exchange in the South Sudan capital, Juba.

Maker Majok, another trader, concurs with Ladu’s views.

"I have received more than ten phone calls since morning from my clients who are asking me to reserve them some dollars so that they can send to their families for school fees and house rental charges," said Majok.

South Sudan depends on export of crude oil for hard currency, but production has declined substantially since conflict erupted three years ago. The continuous decline in oil prices in global markets has further reduced monthly revenues for the young nation.

In December 2015, the ministry of finance and central bank of South Sudan floated fixed exchange rate of dollars against South Sudan from $1 to 2.96 SSP in the central bank to $1 for 18 SSP in the black market at the time.

The rate has doubled several times, prompting a surge in commodities prices.

The recent weakening of SSP against the dollar, experts say, could also be attributed to high spending during Christmas and End of the Year shopping and lack of auctioning for dollars by South Sudan’s Central Bank.

(ST)

Comments on the Sudan Tribune website must abide by the following rules. Contravention of these rules will lead to the user losing their Sudan Tribune account with immediate effect.

- No inciting violence
- No inappropriate or offensive language
- No racism, tribalism or sectarianism
- No inappropriate or derogatory remarks
- No deviation from the topic of the article
- No advertising, spamming or links
- No incomprehensible comments

Due to the unprecedented amount of racist and offensive language on the site, Sudan Tribune tries to vet all comments on the site.

There is now also a limit of 400 words per comment. If you want to express yourself in more detail than this allows, please e-mail your comment as an article to comment@sudantribune.com

Kind regards,

The Sudan Tribune editorial team.
  • 8 January 2017 11:27, by Midit Mitot

    General Dollar, you are now doing your part in that ghost city, go-head.

    repondre message

    • 9 January 2017 07:11, by Resolution

      let all of us south Sudanese get prepared to buy buckets instead keeping money in pockets you will be able to keep money you intended to buy toothpaste with in your pocket as long the SSP is very weaken against USD, HA HAA HAAAA who will be blame. south Sudan on it way to a fail state

      repondre message

  • 9 January 2017 07:01, by Ram Mi Ran

    This is an indication that we don’t have transitional government in Juba. Those in Juba are like one family and their friends living together in household.They don’t know the value of human being.They don’t even know how to overcome the economics crisis in the country.There is no government in the world that can compare black market rate with central bank rate.

    repondre message

Comment on this article



The following ads are provided by Google. SudanTribune has no authority on it.


s
Sudan Tribune

Promote your Page too

Latest Comments & Analysis


Sudan can not give what it does not have 2018-10-16 14:36:47 The Sudanese Regime Tends to Order Righteousness to others while ignoring doing so for itself By Mahmoud A. Suleiman Heads of Failed States in the African Continent are trying to save other (...)

Ethiopia’s PM should review policies 2018-10-14 20:42:05 Ethiopian Prime Minister Dr Abiy Ahmed needs to change course in some of the policies he introduced in Ethiopia before history that brought him to leadership repeat itself. By Lul Gatkuoth (...)

Evaluating the IGAD-led peace mediation in South Sudan 2018-10-09 13:19:50 Lako Jada Kwajok September 12, 2018, marked the signing in Addis Ababa of the revitalised peace agreement also known as Revitalised Agreement on the Resolution of Conflict in the Republic of (...)


MORE






Latest Press Releases


4th Annual Tony Elumelu Foundation Entrepreneurship Forum Announced for 25th October 2018 2018-10-15 12:38:14 PRESS RELEASE OCTOBER 14, 2018 Africa’s leading entrepreneurship-focused philanthropic organisation, the Tony Elumelu Foundation (TEF), has announced October 25, 2018, as the date for its (...)

Unity State community in Kenya supports Khartoum peace agreement 2018-08-17 08:33:21 PRESS STATMENT 14th Aug, 2018 Re: We shall Rally behind Khartoum Peace Agreement The Unity State Community Association in Kenya was established in 2010 to organize and mobilize the people of (...)

The Suspension of Hurriyat Online Newspaper 2018-04-29 07:04:37 Sudan Democracy First Group 28 April 2018 The Sudanese civil and political circles and those concerned with Sudan were shocked by the news that the management of Hurriyat online newspaper has (...)


MORE

Copyright © 2003-2018 SudanTribune - All rights reserved.