Official rate stuck at 18, black market rate rocketed to 30: Free floating of the pound Junubeen style

December 16, 2015 (SSB)  —  As of today, the official rate is stubbornly stuck at 18ssp per dollar; black market rate has comfortably rocketed to 30ssp per dollar. You may as well called this the free floating of the pound Junubeen style.

So what is going on? Simply put, there are no dollars at the central bank, commercial banks, readily available to be exchanged at will and on time; thus, the ghost of the black market is slowly but surely coming back to life. 

Until this auctioning process is done–and done right and timely–the black market will continue to haunt the nation. And until more auctioning rituals –monthly or biweekly–are institutionalized and adhered to, it would be hard to keep up with the forces of demand and supply for the dollar versus the pound, a failure of which would tantamount to the resumption, albeit, continued existence of parallel black market that would continue to provide dollars to citizens on time and at will.

The existence of the black market is a living testimony to the failure of the central and commercial banks to meet supply and demand of the dollar. 

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PaanLuel Wël

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PaanLuel Wël is the founder and editor-in-chief of PaanLuel Wël Media Ltd, a news website that covers news, opinions, analysis, history, culture and literature of South Sudan and the world. Founded in July 2011 by PaanLuel Wël to create a platform for free expression and constructive dialogue, the website features articles from various contributors, including columnists, commentators, poets, authors, activists and academics. PaanLuel Wël believes that media can play a vital role in informing, educating and empowering the people to participate in nation-building and social transformation. He also believes that media can foster a culture of dialogue, tolerance and diversity among different communities and groups, and hopes to inspire and mentor the next generation of South Sudanese writers and journalists.

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