Africa-Press – South-Sudan. The South Sudanese Pound (SSP) has hit a new low against the US dollar, bringing the exchange rate dangerously close to 1,000.
As of Thursday, May 17, a dollar note was selling for SSP 970 in the black market.
The same amount would fetch you SSP 938 at the rates of the Central Bank.
The central bank expressed concern last week about forex market volatility. The BoSS attributed the sharp decline to the war in Ukraine and the US Federal Reserve’s hike in interest rates.
The central bank has been auctioning hard currency into the market as a stop-gap measure to stabilise the local currency. This old trick, however, has been working.
Early in April, the Central Bank announced a $5 million auction, only to cancel it later due to market irregularities.
The auction supervisory committee endorsed the cancellation and called for punitive measures against violations of the Bank of South Sudan’s foreign exchange rules and procedures.
Source: The City Review South Sudan
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