The official rate in South Sudan has hit 3.30 South Sudanese Pound (SSP) for one US dollar, a more than 30 percent raise in less than a month since the new currency was launched.
Speaking to the press today, Elijah Malok, Governor of the Central Bank of South Sudan, said the raise from 2.80 to 3.30 SSP was intended to avoid a flow of extra Sudanese pounds from Sudan.The Sudanese pound before independence had been showing signs of appreciation against major currencies when it dropped to 2.43 for one dollar.
The recovery had restored confidence from local businessmen who are involved in international trade through imports and exports.
Malok said the Central bank will avail between 28 and 40 million US dollars monthly to commercial banks for trade transactions although the dollar is expected to get back to 2.80 SSP.
He said the latter will refrain officials who send hard currency on the streets to be sold for extra profits from the local currency.
Mr. Malok warned that in case any bank refuses to assist any trader, it will be summoned.
He cited the Ethiopian Commercial Bank saying it is so far leading in efficiency regarding helping traders in transacting their money to their suppliers.