08/08/2022
What is The True Value of South Sudan Pound according to the Global Market?
What is the true exchange rate of South Sudan Pound per one US Dollar based on the global market?
For years, South Sudan Pound is unfairly traded in the black market despite that it is 80% lower than it's traded in the local Juba black market. Something must be wrong and out of ordinary. We know that the current exchange rate of the SSP is not fair and it is much lower as of today reported by the Thongpiny Herald that despite that the exchange rate of black market is 450 SSP per 1.00 USD. Few days ago, it was projected to have risen up higher to about 750 SSP per a USD in the black market. Contrary to that, the exchange rate of the SSP is 130.20 per US Dollar according to the international hot currency trading agencies.
The most important point is who is responsible to keep an eye on our market and who has an obligation to ensure our currency is not unfairly traded in the global and also in the local black market?
The answer is obvious. The government of President Kiir is obligated to make sure people are not practicing unfair and illegal trading of the country bank notes.
In this case, we ask what the has put down as strategy to control the exchange rate of the country official currency? There must be laws and policies to protect the economy and the currency so that inflation must not destroy and completely break the economy. These policies or laws must be back up and toughen by being enforced regularly. Criminals who engage in illegal trading of hot currencies must face the court of law and send to prison to serve time behind bars if they are caught trading hot currencies illegally and unfairly.
In some countries, illegal trading of foriegn currencies unfairly in the black markets is considered a federal crime and is punishable by law. Some countries send offenders into prison up to 50 years for unfairly trading of the hot currency. Rarely, offenders can be sentenced to death or life for illegally practicing hot currency trading. These extreme measures are taken to protect the economy by discouraging people from dealing in currency exchange illegally because that does worsen and weaken the economy of country.
The governemnt must ensure that the exchange rate is exactly as it is in the global market, not lower or higher. In addition, the Invesyors who are dealing in hot currency trading must be licensed dealers with prominent locations. These are the people who are allowed to buy and sell the US Dollar.
At this junction, we ask the same question the Thongpiny Herald asked why did the government fail to protect our currency against the US Dollar and let the black market dealers run our economy?
