S. Sudan rocked by worse economic crisis as $100 traded at SSP72,000

October 13, 2020 (Thessherald)–South Sudan, the world’s youngest nation, has been rocked by an even worse economic crisis, as $100 is currently being traded at 72,000 South Sudanese pounds on the black market as of today.

According to several sources interviewed exclusively by The South Sudan Herald, the South Sudanese pound continues to tumble and fall to its lowest value against the US dollar.

“The worse day to convert US dollars into South Sudanese pounds is today, Tuesday, October 13, 2020. The exchange rate [South Sudanese pound] has now fallen to its lowest value,” said an official interviewed by Thessherald on Tuesday.

Since last year, South Sudan has been struggling to revive an economy that has been affected by years of conflict, corruption and mismanagement in the country’s financial institutions.

In recent days, Information Minister Michel Makuei announced that preparations are underway to change the country’s national currency in a bid to avoid an economic collapse – a move vehemently criticized by local economists and international observers.

There are also concerns that, if the current hyperinflation continues unaddressed, the South Sudanese pound could become one of the least and lowest valued currency units in the world.

Reported by Buay Kapduel Buol

South Sudan to change its currency to avert economic collapse

Oct 9, 2020 (Thessherald)–The South Sudanese government is planning to change its national currency in a bid to avert an economic depression and hyperinflation in the country.

The announcement was made on Friday during the regular cabinet meeting in the capital, Juba.

“The cabinet has decided that the currency should be changed so that anybody who does not take his money to the bank is left out and they will lose their money,” the government spokesperson, Michael Makuei, told the journalists on Friday.

“So this is an advice to those who are hoarding South Sudanese money in their houses to hurry [and take] them to the banks. Put them into the banks so that you don’t lose them. Put them into the banks as of now so that you avoid queuing up when the time comes for changing the currency.”

South Sudan continues to face an economic crisis due to financial mismanagement and a lack of transparency in the financial institutions responsible for managing the economy.

In August, President Kiir issued a presidential order, setting up a Crisis Management Committee tasked with addressing the country’s ongoing economic challenges.