South Sudan has depleted its foreign currency reserves, says deputy finance minister

Dollar and pound

The Central bank of South Sudan has run out of it foreign currency reserve, the deputy finance minister disclosed.

Deputy Minister Ambrose Thiik said while speaking to journalists in Juba that the country’s foreign currency reserve has been depleted and the country is working hard to contain the current economic situation by seeking a bailout from its development partners.

“We have exhausted all our dollar reserves and we do not have any reserve in terms of hard currency,” Thiik said. “We approached our international lenders for help in order to cover the gap and reduce food prices.

The Minister of Finance, Stephen Dhieu who is currently in the United States meeting development partners managed to secured a fund of $106 million to buy food items to the starving population in South Sudan.

Foreign-exchange reserves is money or other assets held by a central bank so that it can pay if need be its liabilities, such as the currency issued by the central bank, as well as the various bank reserves deposited with the central bank by the government and other financial institutions.