South Sudan Aims to Find Alternatives to Boost Economy

Today, South Sudan government said that it is arranged to fix the exchange rate of the U.S dollar.

The government spared no efforts to stabilize its currency to save the deteriorating economy.

South Sudan stated that there are three exchange rates, one from the central bank, commercial banks, and from the unofficial market.

Dier Tong Ngor, Governor of the Central Bank of South Sudan told reporters that the monetary policy intends to fix the exchange rate to stabilize the economy.

Tong also added that "measures like increasing productivity or reducing our foreign exchange need. We can slowly begin to enhance things."

Tong explained that the country’ economy got affected by the prices of oil in the international market because it kept on declining lately.

The bank governor said that "We are almost importing everything, and our main source of foreign exchange is oil.  If we don’t export oil, we are in big trouble."