South Sudan devalued its currency by 50 percent and that the Central Bank finally faced reality when they devalued the currency from the unsustainable rate of 2.96 South Sudanese Pounds versus one US Dollar to the prevailing black market rate of 4.50.
In a press release CRN obtained, Central Bank attached agents to each licensed foreign exchange bureau to ensure that all currency transactions are properly recorded and the foreign currency turned into the Central Bank coffers.
It said South Sudan is rich in natural resources, including oil but unable to utilize full potential of the resources due to the long term disputes with Khartoum Sudan.
The statement added that the eruption of conflict in December where many oilfields are under control of SPLA in Opposition, led to little revenue coming into the Central Bank, leading to a rapid decline in currency value.