South Sudan shifts to floating exchange rate: minister - CNBC Africa

South Sudan shifts to floating exchange rate: minister

East Africa

by Reuters 0

South Sudan shifts to floating exchange rate: minister. Photo: Wikimedia

South Sudan has abandoned its official exchange rate and moved to a floating rate, the finance minister of the war-torn country said late on Monday.

South Sudan, which gained independence from Sudan in 2011 only to fall into civil war two years ago, has seen its currency steadily weakening on the unofficial market, even as the central bank held on to a steady rate of 2.95 South Sudanese pounds to the U.S. dollar.

"I am today announcing the important measures to reform our exchange rate policy," said David Deng Athorbei, Minister of Finance and Economic Planning.

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