Central Bank to revert to 2005’s $1= SSP2.5 rate
The Central Bank is allegedly gearing up to reverting back to the 2005 rate of $1=2.5ssp.
The Central Bank governor Othom Rago Ajak in consultation with the Finance Minister, Stephen Dhieu are allegedly gearing up to reverting back the exchange rate to the 2005’s rate of $1=2.5ssp instead of the current floating rate influenced by the black market.
The bank devalued the pounds by 84 percent last in 2015 to allowed the pound to trade freely, surrendering to prices charged in the black market.
In 2015 the former central bank Governor, Kornelio Koriom Mayik adopted the parallel market rate of 18.5 per dollar from a previous fixed rate of 2.96.