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