Editorial

CENTRAL BANK SHOULD TAME USD HIGH RATES

The fact that the USD is gaining ground within the illegal scene known as black market should be brought to order or be controlled by the regulator, the Bank of South Sudan. The up dive has made the prices of basic commodities jump beyond the common-man’s pocket. It is no longer possible for the common public to meet their domestic requirements. The USD keeps on shooting up at will and only to the benefit of the black market dealers. Some commercial banks are also taking advantage of the situation by trading in dollars just like those back-door dealers. This situation is not new. Time and again when there is some crisis the black market dictates to the government the rates of foreign currency. It is acceptable that the free market is there and operational in the country and within the trading partners in the region. This however, should not give anyone leeway to impose high rates of foreign currencies knowing very well that such move was detrimental to the well-being of the general public who are the majority consumers in the country. Although the country relies mostly on import and usage of USD, it cannot be the reason of hiking the rate to make life miserable to the common-man. It is time the government through the Central Bank at least come out with something possible that can save the situation. People cannot go on suffering in the hands of few individuals who are out to make quick riches out of the sweat of a common-man. USD must come to terms with the economic situation in the country or the Central Bank must find ways of trading in South Sudan Pounds (SSP) inter-regional. There are possible ways of doing this which only needs to be harmonized within the regional central banking systems.

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