The South Sudanese Pound continue to lose value!
As the results of the instability in South Sudan, the Republic’s currency continues to be devalued and lose trust compared to the United States Dollars, as the people using it has to use more to get the services needed. The news from Juba of the amount of South Sudanese Pounds needed to exchange to US Dollars are showing the little value the currency currently have. That even in midst of years, the taxi-fares in the capital has risen 50 times from 1 SSP to 50SSP. This show’s the lacking financial structure and the fiscal policies to underline the paradigm. Certainly that is dwindling with the civil war between the government and rebels, as well as famine and use of funds to buy arms! Take a brief look!
“In Juba: The South Sudanese Pounds continue to depreciate against the U.S. dollars, early this morning at Konyo Konyo Market trades were buying $100 at 21,500 SSP. Taxi drivers have also lifted the fare by charging 50 SSP for a distance that used to cost 1 SSP in 2014” (MirayaFM, 24.04.2017)
That this is the reality, proves the problems in the simplest forms, that the Republic of South Sudan, cannot keep their inflation at bay. The SSP are losing value and it happens quick. The local currency is soon worthless and the paper is more expensive, than the real value of the currency. This is the reaction to the violence, the despair and famine. The Currency is just the proof of the dire situation, as the Taxi Drivers are hurting and have to gain more money to be able to sustain their living in Juba. Therefore, this is the evidence of the issues that are in the country, by just seeing the numbers and the value of their currency. This should be so easy to grasp and understand. When the price of the same service has not only doubled or tripled, but gone up 50 times! Peace.