Dollar hits new high as $100 trades at SSP71,000
South Sudanese pound plunged to hit an all time low of SSP710/dollar in the black market on Tuesday morning, sources in Juba reports.
On Tuesday, 100 dollar was traded at SSP 71,000 from SSP55,000 on Monday.
This happened after the government announced that it planned to change the currency in an attempt to salvage the collapsing economy.
Experts warn that the country which has three exchange rates could fall into economic collapse as South Sudan battles weak oil production, lack of external aid among other problems.
Foreign currency deficiency in the country has affected the prices of essential goods like meat, oil and cereals. The low reserves could devalue the Sudanese Pound further, limiting the country’s capacity to import products.