Editorial, Gadgets

Prevailing economic predicament is exacerbated by speculators due to shutdown of the oil pipeline, fixing the situation would redeem the country from treachery.

Speculators akin to monetary flow, have capitalized on the oil pipeline shut to further strangle economy, knowing that is the major source of hard currency inflow of the nation.

The Bank of South Sudan auctions hard currency on weekly basis with hopes of normalizing the exchange market, but to no avail and on the contrary, the US Dollar keeps shooting high.

As the Central Bank sells US Dollar at 1575. 8755 SSP and buys at 1529.2979 SSP, the black-market paces far, between 2600 SSP to 3000 SSP per US dollar. A range so abnormal per say.

Once beaten down by hardship, an individual, in bewilderment, ponders as to why the range between Central Bank rates and that of the forex centres are too wide.

Literary, an Elephant can pass through the gap Central Bank rate and that of the forex centres, but for an ordinary trader to purchase Dollars to get goods from the neighbouring countries, it’s hard like attempting to puss the very elephant through a needle hole.

Someone, somewhere must be detaining hard currency, withholding it from circulation, with intent to cause scarcity in the market to hype trading cost. Where does the auctioned hard currency go, if there are no foul plays?

Central Bank should devise means of tracking out flow of auctioned hard currency from eligible institutions and set limits on rates, above which, becomes illegal.

Not until the oil begins to flow, speculators remain in control of the foreign exchange, without standard rates. They fix any price of their interest as the economy, perilously suffocates.



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