There has a been a movement in the black market of South Sudan. 20 'money changers' as they are called, have been arrested with the hope that the new currency of South Sudan will now stabilize. The police are continuing investigation and claim more arrests will be made.
The new 'South Sudanese pound' has replaced the old 'Sudanese pound'. It has been trading at 4 per dollar on the black market. The decline in value is affecting food prices and other commodities causing inflation. Since indendence South Sudan has control of 375,000 barrels a day of oil (which is 75 percent of the former Sudan’s total output), the 3rd largest in sub-Saharan Africa.
Bloomberg By: Liz Hasseld
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