BREAKING: South Sudan Runs Out of Foreign Reserves

South Sudan has just announced that it has run out of foreign exchange reserves and can no longer stop the pound’s depreciation in the country.

Daniel Kech Pouch, the central bank’s second deputy governor, told a news conference today that the country’s oil revenues had dropped, hitting its foreign exchange reserves.

According to official figures, the oil-producing nation gets almost all of its revenue from crude oil, but current output, at around 180,000 barrels per day, has plummeted from a peak of 250,000 bpd before the outbreak of conflict in 2013.

“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.