South Sudan’s Pound declines against United States Dollar: residents

South Sudan currency (File/Supplied/Nyamilepedia)

December 5th 2018 (Nyamilepedia) – The South Sudan’s Pound (SSP) has declined against the United States Dollar (USD) after gaining strength in August and September respectively following the moments before and after the signing of the revitalized peace agreement.

South Sudan President, Salva Kiir Mayardiit and opposition leader, Dr. Riek Machar Teny-Dhurgon along other opposition figures in September signed the revitalized peace deal to end the ongoing brutal civil war in South Sudan which has been going on since December 2013.

Following the signing of the agreement on September 12th 2018, the South Sudan’s Pound gained strength against the United States Dollar and the price for one Dollar dropped from 300 to 240 South Sudanese Pound.

However, several Juba residents told the Nyamilepedia this morning that the South Sudanese Pound (SSP) is losing strength with one United States Dollar (USD) traded at 255 after being at the rate of 208 last week.

“Yes that is true. The South Sudanese Pound is losing its value once again. Now the one United States Dollar is traded at 255 as of this morning compared to last week when it was traded at 208,” one source at the Juba market told the Nyamilepedia by phone this morning.

The source blamed the ongoing slow implementation of the peace deal as the reason behind the decline of the value of the Pound urging leaders to speed up the implementation process to revive the economy of the war-torn South Sudan.

“I think the decline is because of the slow peace implementation and South Sudan leaders need to speed up their efforts to implement the peace agreement which was signed in Addis Ababa if the economy is to be revived,” the source said when asked about what he think might be the reason behind the decline of the Pound.

Nyamilepedia was unable to reach the Central Bank officials for comments over the decline.

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