South Sudan economy falters ahead of possible collapse

By

Dukhan Jundit

The Central Bank of South Sudan has announced that the country’s currency reserves may last only one month following warnings of a possible collapse of the nation’s economy.

The Deputy Governor for the Bank of South Sudan John Dor Majok made this declaration while speaking to the United Nations run Miraya Radio in the nation’s capital, Juba.

Governor Majok said there will be a big depreciation in the economy if it does not receive assistance in the near furture, adding that although a peace agreement was recently signed, it is not rescuing the country’s economic situation.

Currently the exchange rate is 50 SSP (South Sudanese Pound) against 1 US $ dollars.

This is the first time the government has publicly declared that the country’s economy is getting worse since the breakout of war in  December 2013, that ultimately led to a reduction in the daily oil output and a subsequent decline in global oil prices that the government relies on heavily for revenue.

Dukhan Jundit

Dukhan is a freelance journalist in South Sudan having contributed to numerous publications and worked as News Editor for InterNews Radio in the Upper Nile State previously.