Scarcity Of The Dollar Affecting South Sudan’s Economy

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The US Dollar has significantly increased to about 7.20 South Sudanese Pound in March 2015 compared to the 5.69 in September of 2014.

 
By Joseph Nashion

YAMBIO, 13 April 2015 [Gurtong] – Western Equatoria state Chamber of Commerce on Monday attributed the high rate of the dollar to the on-going crisis in the country which has seen potential investors shy away from investing in the country.

Mr. John Daniel Apolo, Deputy Chairperson at the Chamber of Commerce in Western Equatoria State said 100USD is now reaching an all-time high of 850 south Sudanese pounds in his state.

"We are faced with the high rate of dollars because if you walk to ask for 100 dollar in the black market it goes at the rate of 850ssp and it is not even available," John said.

Shortage of the dollars in the country has been linked to the high increase of prices in the state and country at large.

Besides the ongoing conflict in the country, the shortage of dollars has had a negative impact on economic institutions and has aggravated the situation in South Sudan.

John Daniel Apolo says this will only take back the country if the two warring parties In the South Sudan conflict do not resolve the conflict soon enough to rescue the economic situation being faced.

"I can't see this conditions allowing the traders progress in their business. There is nowhere they will get the dollar at a good rate. And the prices are fixed by the traders which will definitely not favour the local buyer in the market because when the traders talk of high rates of the dollar they don't understand," Apolo stressed.

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