JUBA, Dec 15 (Reuters) - South Sudan abandoned its official fixed exchange rate and moved to a floating rate on Tuesday, Finance Minister David Deng Athorbei said.
The central bank had held onto a fixed official rate of 2.95 South Sudanese pounds per dollar even as the currency fell steadily in value on the unofficial market after conflict erupted in the world's newest nation in December 2013.
"The current fixed exchange rate of South Sudan Pound against U.S. dollar will be abandoned," Deng Athorbei said on state television late on Monday.
As of midnight Monday-Tuesday, he said the level of the pound "will be based on market forces."
The South Sudanese pound was quoted by dealers in the open market at 16 to the dollar on Tuesday.
Traders and ordinary South Sudanese have struggled to secure dollars to pay for even basic imports or other essential items as the conflict has cut oil production and global crude prices have slid.
The minister also said efforts would be made to help the most disadvantaged by raising salaries where necessary.
Most of South Sudan's 11 million people are subsistence farmers or herders without regular incomes.
Oil had been the biggest source of income for South Sudan, which gained independence from Sudan in 2011. Production now stands at about 165,000 barrels per day, having fallen from around 245,000 barrels per day before conflict erupted.
(Reporting by Denis Dumo; Writing by Edmund Blair; Editing by Edith Honan and Catherine Evans)
Newer articles:
- U.N. boosts South Sudan peacekeepers; Russia, Venezuela voice concerns - 15/12/2015 09:53
- UN failing to protect South Sudan civilians, report citing Doctors Without Borders says - 15/12/2015 06:35
- South Sudan: The many barriers to aid - 15/12/2015 01:51
- South Sudan Marks Two Years of Civil War - 15/12/2015 01:33
- UN accused of 'shocking' lack of action over murder and rape in South Sudan - 15/12/2015 00:55
Older news items
- Peace is the only option for the people of South Sudan - 14/12/2015 11:46
- Water Shortage Worsening In Magwi County, South Sudan - 14/12/2015 04:23
- South Sudan: China's Role in South Sudan a Learning Curve - 14/12/2015 04:22
- South Sudan Military Ordered to Shoot Down Planes - 14/12/2015 00:10
- 17 killed in tribal clashes in Sudan - 13/12/2015 16:59
Latest news items (all categories):
- The power struggles among South Sudan’s political leaders are the direct cause of its ongoing conflict - 11/07/2026 14:03
- Celebrating Independence In The Midst Of Sorrow - 11/07/2026 13:41
- South Sudan resumes oil-backed financing - 11/07/2026 13:33
- Press statement: Strive For National Unity In Honor Of South Sudan's Independence - 10/07/2026 21:23
- Fifteen years of independence for South Sudan, but still little to celebrate - 10/07/2026 21:23
Random articles (all categories):
- Dr. Chol Deng Thon: The Only Hope for South Sudan Oil Sector Reform - 03/03/2021 09:35
- South Sudan says won’t reverse plan to expel U.N. official - 02/06/2015 09:07
- South Sudan asks to pursue criminals into Lamwo camps - 24/07/2019 06:55
- WHO South Sudan Annual Report 2020 - 18/06/2021 03:07
- Lomong adds to his reasons to run - Chicago Tribune - 07/08/2012 20:39
Popular articles:
- Who is the darkest person in the world, according to Guinness World Record? - 25/10/2022 02:34 - Read 147757 times
- School exam results in South Sudan show decline - 01/04/2012 17:58 - Read 27840 times
- Top 10 weakest currency exchange rates in Africa in 2023 - 19/07/2023 00:24 - Read 24929 times
- No oil in troubled waters - 25/03/2014 15:02 - Read 24251 times
- NDSU student from South Sudan receives scholarship - In-Forum - 29/09/2012 01:44 - Read 22160 times
