US Dollar and South Sudanese Pound exchange rates reached a new high on the parallel currency market.
The US Dollar and South Sudanese Pound (SSP) exchange rate reached a new high on the parallel currency market Wednesday, with 1 dollar fetching 650SSP compared to 600SSP at the end of last week.
The recent deterioration in the value of the South Sudanese pound versus international currencies has prompted a rise in the cost of essential goods and services.
“As of this evening, one U.S. dollar is equivalent to 650 South Sudanese pounds, and the costs of essential products have skyrocketed,” a merchant said in a report reviewed by NCMP on Monday evening.
Last month, Makur predicted difficult times ahead for South Sudan’s economy and attributed it to the continuing Russian invasion of Ukraine.
“The conflict in Ukraine has had a significant impact on global commodities prices. South Sudan’s oil income is rising, and the nation is not directly reliant on grain imports from Ukraine and Russia, Makur stated at the time in a statement reviewed by NCMP.
However, refined petroleum products and food goods imported from our regional nations continue to increase in price. In the next months, these factors are anticipated to lead to an increase in inflation,” he noted.
He said that the bank was “taking initiatives to mitigate the effect of rising costs on people’s lives.” This week, the Ministry of Finance and Planning began clearing wage arrears, which will enhance the buying power of families.