South Sudan gets almost all of its revenue from crude oil, but current output, at about 180,000 barrels per day (bpd), has plummeted from a peak of 250,000 bpd before the outbreak of conflict in 2013, according to official figures. “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,” Daniel Kech Pouch, the bank’s second deputy governor, told a news conference. South Sudan has three exchange rates – one from the central bank, from commercial banks, and from the unofficial market. Pouch said the rate for the pound from the central bank is 165 a dollar, from commercial banks about 190, and 400 from the parallel market. In addition to lower oil production, corruption is also driving the crisis, said Brian Adeba, the deputy director of policy at United States-based watchdog The Sentry, which has released several reports documenting high-level corruption. The government has denied the findings.
SOURCE: AL JAZEERA
Tinubu Hits the Ground Running
Russian Minister Makes a Quick Stop in Nairobi
Four Men Absolved of Drug Trafficking in Liberia Disappear
Governments in Sub-Saharan Africa Struggle to Regulate the Mass Expansion of Online Gambling
Why Returns from European Countries are Hugely Unpopular in Most African Countries
A $3 billion IMF Bailout Will Not Instantly Solve Ghana’s Economic Problems
Can Kenya Successfully Establish Efficient and Affordable Smartphone Manufacturing?
How to Be a Female Politician in Africa
Egyptian Firm Unveils IoT-enabled Smartwatch
Women at the Forefront of Africa’s Peace Efforts
With ‘Banel & Adama,’ Ramata-Toulaye Sy Takes Her Place Among Cannes’ Top Names
The Lion Sleeps Tonight: One Song’s Journey from 1930s South Africa to Disney Money-Spinner