News

Pounds scarcity hits market

By Mandela Nelson Denis

A scarcity of the South Sudanese pounds is being felt in the markets due to the ban on shops selling non-essential communities across the country.

The authority banned operations of non-essential commodities in the country, as a way of preventing coronavirus from entering the country.

 The closure of some of the business has limited the circulation of South Sudanese Pounds in the market according to Kato Patrick, a drug shop owner.

Kato said there was more United States Dollars in the market than the South Sudanese pounds because of shortage of goods coming into the country due to the restrictions at the border.

“Getting pounds is now very difficult because there is a lot of U.S dollars in the hands of people and all this is happening due to the trade restrictions at the border,” said Kato.

Biong Emmanuel runs a Forex exchange shop in custom. Biong said he ran out of the local currency as the demand for the South Sudanese Pounds peaked during the lockdown.

“I have been receiving so many people coming to exchange USD to pounds and currently am out of pounds and I stopped the buying and selling of dollars,” Biong said.

Afwerki Joseph who runs a retail shop in Thongpiny said he was frustrated because he does not have more customers during this period of lockdown.

Afwerki said that very few people were buying items in his shop because of adaption of preventive measures such as staying at home.

“There is no business since the coronavirus incident hit the world, I open my shop in the evening hours and very few people come to buy commodities,” Afwerki said.

The rate of the U.S dollar against South Sudanese pounds ranges between Twenty-eight thousand to thirty thousand pounds to 100 dollars in the black market.

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