SSP value drop as fuel price goes up

SSP value drop as fuel price goes up
The Dollar continue to gain against SSP. [Courtesy]

South Sudanese Pound (SSP) continues to drop against the Dollar signalling the cost of living will continue to shoot up the roof for ordinary citizens.

The local currency has been falling drastically against the Dollars, according to the data released by the Bank of South Sudan (BSD).

According to the latest exchange rates, one SSP is now selling at 472.2180 and buying at 458, 2608 against the US Dollar with the Euro selling and buying at 504.6121/489.6058 respectively.

You will need SSP 574.7502 to buy one British Pound and sell the same (a Pound) at 592.3507.

Just last week, a dollar was trading at around SSP 430. The new rates show that the value ofSSP dropped by close to 90 per cent.

 This means that food prices will continue to skyrocket.

Pump prices have since gone up with a little of petrol jumping from SSP 450 to between SSp650-750 as from last week.

While economists cite the spillover effect of the Ukraine – Russian war, others equated the situation to the ongoing subnational conflict.

South Sudan is currently struggling with the humanitarian crisis with close to half the population of the 11 million on the brink of catastrophic hunger.