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Browsing: South Sudan pound
South Sudan traders and businesses are hoping for intermission in the foreign exchange market after the Bank of South Sudan said it would introduce dollars into the market to protect the local currency.
Since after the payment of several months of salaries in arrears in September, South Sudan pound has been weakening against the dollar.
“The pound has lost value in the past two months due to the impact of the recent payment of salaries,” said Central Bank Governor Dier Tong.
About $115.2 million which is about 31 per cent of the currency in circulation was put into the economy for the payments.
Also Read: AfDB funds South Sudan’s capital city power distribution system
In October, South Sudan’s government secured $400 million financings from the Africa Export-Import Bank to pay the salaries and finance infrastructure projects.
Elijah Wamalwa the managing director and CEO of Co-operative Bank of South Sudan said …