South Sudan with enough reserves to shield new exchange rate

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The national finance minister said the country had almost one billion US dollars in reserves and would use some to defend its new exchange rate.
 
The Bank of South Sudan adopted new exchange rates for the Pound on Tuesday to encourage investment in the country.
 
With the new rates, the Pound suffered a 42-percent devaluation.
 
“We will have to use part of our foreign exchange, particularly dollars, to protect the new position of the South Sudanese Pound,” Finance Minister Aggrey Sabuni Tisa told Reuters in Geneva on Tuesday. 
 
He added that country should finish paying back foreign loans within two to three months.
 
Minister Sabuni said oil production should return to the levels before the shutdown within four to five months.