The Government of South Sudan has devalued it’s currency. The country used to operate on a Fixed Exchange regime where 1 USD was valued at SSP 3.16.The rate has been adjusted at 18.55 and let to the market forces to bring to equilibria.
Speaking to ktalk @Tiriitiondo said it is not sustainable.
Just asking, is that bad or good
If you had 1k SSP it would translate to 31k.With devaluation it now amounts to 5k Kes.Is that good or bad?
Is it done by surprise?
The country dynamics do not seem to have been doing well so they resorted to devaluation.Whether it is sustainable, God knows
What do the hope to achieve with this move?
Though it is officially 3.16 at bank, street exchange rate is different due to scarcity of dollars. Banks could not afford to sell dollars
By Fixing the exchange rate,the black market thrived as it was pushed by the SS/DD factors.By letting it float,it expects the equilibrium to be achieved.
with such a high import bill si inflation itawamaliza
Yeah,Waiting to see how far it goes.With the expected capital flight and inflation,it might bring the economy on its knees.
and it was already off the charts prior to this; savings will be wiped out overnight
Wawawawa. Kama ni ukweli hawa wasudi wa Yaya na Kileleshwa watasota ile mbaya.
They might as well start looking for houses in Nyayo Highrise or Eastlands with their current budget
Wengi watarudi kakuma. That exchange rate was their avenue to make millions of dollars illegally.
business will close down, because of uncertainity and loss. Citizens will suffer due lack of commodities like food stuff and medicines. Now let us see how they will fuel their v8’s
Eastlands has a lot of Sudanese. Places kama Nasra (near Shujaa Mall) Greenspan, Jacaranda, Savanna, Doni and Harambee Sacco.
hizo jaluo za sudan zirudi kwao,
However, we are forgetting that chances are high these ninjas in Kenya get their money in U.S. dollars from the diaspora or the UNHCR (if rumors are true) so their life will remain largely the same. The people to suffer are the ones in Juba.
Mimi ninajua izi Sudanese vizuri na upoa/ubaya wao hazijui kuweka siri. Not even a single dollar comes from US ama diaspora. Pesa yote 100% wao hupata huwa proceeds from corruption/looting their economy. Na hawa watu hawajui kuinvest. Pesa inaingia kama wameenda Westlands na Yaya centre kuwithdraw na mabwana zao wanaenda Toyota Kenya kununua V8 brand new.
Mimi ninajua izi Sudanese vizuri na upoa/ubaya wao hazijui kuweka siri. Not even a single dollar comes from US ama diaspora. Pesa yote 100% wao hupata huwa proceeds from corruption/looting their economy. Na hawa watu hawajui kuinvest. Pesa inaingia kama wameenda Westlands na Yaya centre kuwithdraw na mabwana zao wanaenda Toyota Kenya kununua V8 brand new.