South Sudan Central Bank Swept Empty | RB

FB IMG 15978798777940296FILE PHOTO/COURTESY: GURUSH WEN ORG.

The central bank of South Sudan leadership have come out in bold to admit that the country is broke. While the finance and economic planing minister Salvatore Mabior Garangdit remains quiet about the country’s next move to save the state of economic depression, the bank’s deputy governor, Daniel Kech Puoch has said the reserves have run out.

While speaking to media (Reuters) on Wednesday Puoch revealed the economic depression the country is experiencing with 100 dollar bill hitting 42,000 SSP as the usual common measure of exchange rate($100: XSSP).

“It is difficult for us at the moment to stop this rapidly increasing exchange rate, because we do not have resources, we do not have reserves,” Pouch said.

This means that the country no longer have control over depreciation of South Sudanese Pound against US Dollar. The continuous recession means that the country will be in more debts and generally affect the livelihood of the people.

The corona virus pandemic is believed to have caused such economic turmoil as it led to low oil prices which is the only natural resource (oil) South Sudan depends on.

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