The bank of South Sudan is urging traders to reduce commodity prices in the market as the South Sudanese Pound gains strength against the US Dollar.
“From time to time all the governments all over the world go around sourcing funding so we have done that and we have mobilized some resources. That’s why last week for example the ministry was able to pay salaries and we are able also to intervene in the market.”Said James Alic Garang, Governor, Bank of South Sudan
However, traders here say they are still optimistic about the US Dollar rate being stable against South Sudanese Pound.
The value of South Sudanese Pound is fluctuating at very high rate against the US Dollar on a daily basis.
The country is plagued by hyperinflation due to many years of civil war and residents of South Sudan’s capital Juba are feeling the pressure.
South Sudan’s central bank has announced a plan to regularize forex in the country in an effort to try and stabilize the economy
“Everybody is not able to afford one meal per day as a result of the dollar rate although the dollar rate is now going down but the prices are still remaining high and nothing has been done by the traders so it’s really hard.” Said John Agok, one Juba Resident.
Joseph Wani, a boda boda rider in Juba said.”The issue of this economy is at the worst level now, I leave my home every morning to come to work but at the end of the month, I have nothing to feed the family, the South Sudanese pounds has no value anymore, there is nothing I take home.
Most of the commodities in markets in the country are imported from South Sudan’s neighbors like Uganda and Kenya.
Imports require US Dollars which are getting more scarce and expensive when buying using South Sudanese Pounds
South Sudan’s apex bank known as the bank of South Sudan says it is working to stabilize prices in the country.
