NEMA JOYZ

Stay Away From People Who Celebrate Their Acheivements With Their Other Friends, But Run To You Only When They're In Need Of Assistance. Stay Away !!!

If you have money in any commercial banks in South Sudan and want to either withdraw it or exchange it for foreign currency, here's the current practice:

1. Negotiate with the bank manager for an interest rate of 20-30% on the amount you wish to withdraw. For example, if dealers charge 3 million SSP to withdraw 10 million SSP, you can withdraw a total of 13 million SSP in cash.

2. Black market dealers accept banking transactions at a rate of 10,000 SSP per 1 USD. For instance, 100 USD equals 1 million SSP.

Meanwhile:

1. The official exchange rate is 479,900 SSP per 100 USD.
2. The black market rate sells at 620,000 SSP per 100 USD (available only to those with cash) and buys at 580,000 SSP per 100 USD.

Qn: Are there any economists here who can explain this type of economic practice in South Sudan?

A 28 year-old South Sudanese woman yesterday found $2000 on the road and immediately rushed to Gumbo Police Station to hand over the money to the police to trace the owner .