US dollar rise against South Sudanese pounds despite resumption of oil production

United States Dollars (File photo)

February 19th 2019 (Nyamilepedia) – The United States Dollar has hit the highest rate against the South Sudanese Pound since the signing of the revitalized peace agreement by the government and opposition groups last September.

South Sudan government and opposition groups signed a revitalized version of a 2015 peace deal in Addis Ababa on September 12 to end the ongoing five-year old conflict. Following the signing, the South Sudanese Pound gained strength against the United States Dollar for the first time since 2016.

However, several sources told the Nyamilepedia from Juba today that the dollar is traded at 26,500 SSP as of today while another source said from Bentiu, the capital of Unity state, that it is traded at 26,000.

“The dollar today is 26,500 South Sudanese pounds here in Juba,” one source said from Juba.

The same source said “the price [of USD] has gone too far this month. If you compared it to last month, you will see that there is a very big difference,” Last month it was 24,000 but now it is 26,500.”

The another source attributed the hike to the slow peace implementation on the side of the politicians while saying there is only progress in the military side.

The South Sudan government last month launched the resumption of oil production in different oilfields in Unity state. It is not clear why the dollar continue to rise against the pound at a time the government expect the increase in the productivity.