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South Sudanese Pound hit another record low against dollar

A man carrying South Sudan’s then new currency, South Sudanese Pound, in 2011 (Photo credit unknown)

August 19, 2020 (Nyamilepedia) – South Sudanese Pound (SSP) depreciated further against the United States Dollar (USD) in the third week of August triggering hikes of market commodities as citizens seek dollar for families abroad, dealers said.

Several traders at the parallel market in Juba told Nyamilepedia that as of this morning, one United States Dollar was being traded at 410 South Sudanese Pound, compared to 400 last week.

“Many people are purchasing United States dollars to send to their families abroad because of the coronavirus and this has led to scarcity of the dollar in the market,” one trader told Nyamilepedia this morning from the capital Juba.

“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,” the black market dealer added.

The rise in the dollar price comes despite the relative peace South Sudan has experienced since the signing of the revitalized peace agreement in September 2018.

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