Juba- The central bank of South Sudan (BSS) has yesterday deregulated the official rate for SSP against the dollars in the country.
The governor of central bank Kornilio Koryom said there will be no more official rate for South Sudanese pound against US dollars in the country, the rate will be determined by the force of demand and supply in the market.
He further said, this reform is in line with president economic policy to eliminate black market, the rate in the streets of Juba is five times higher from official rate.
All the commercial banks in the country are directed to adopt the new reforms with effect from yesterday, Kenya commercial bank also known as KCB is selling dollar with rate of 20.5 SSP
South Sudan economy has been severely crippled by the current civil strife in the country, economic hardship hit entire country which predispose the increase of crimes that include killing in a broad daylight, armed robbery and many ill practices.
Peace agreement was signed early in August by the two parties but the implementation has not been followed as per the agreement, many South Sudanese had a very huge hope if the agreement is fully implemented, it will ease the pain and this economic downturn in the country but the govt is dragging its feet for the full implementation of the compromise peace agreement.