The dollar is trading today at more than four times the central bank exchange rate in South Sudanese towns as the country continues to face a shortage of dollars.
The Bank of South Sudan is selling the dollar to the commercial banks and other financial institutions at the rate of 2.96. In turn, the commercial banks are authorized by the central bank to set their own sale price at 3.1 pounds to the dollar.
Outside of these institutions, however, traders are selling the dollar at about 13.3 SSP in Rumbek, 13.2 SSP in Wau and 13 SSP in Awiel. These rates in the Bahr al Ghazal region are somewhat higher than Juba, where traders are selling at about 12.9 to 13 SSP.
The street rate for the dollar has continued to rise throughout the current civil war. South Sudan’s central bank, which has the legal authority to change the fixed official rate in order to make more dollars available to traders and importers, has decided not to do so.
Related:
Kiir defends dollar rationing but admits corruption in central bank (9 July)
Son of central bank governor involved in currency trading in Juba (7 July)
S Sudan parliament summons Central Bank governor over dollar shortage (14 May)
Officials profiting from South Sudan dollar shortage: report (3 May)