South Sudan: South Sudan, Rocked by Conflict and Economy Reeling from Falling Oil Prices, Devalues Currency by 84%

Dec 15, 2015 | Okech Francis and Neo Khanyile, Mail & Guardian Africa
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South Sudan devalued its currency by 84% as the government abandoned efforts to fix the exchange rate and allowed the pound to trade freely, surrendering to prices charged in the black market. The central bank adopted the parallel market rate of 18.50 per dollar as of midnight on Tuesday from a previous fixed rate of 2.96, Governor Kornelio Koriom Mayik told reporters in Juba, the capital. The regulator will supply the market with occasional dollar sales, he said.