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Shortage of dollars increases prices in Yei

Author : | Published: Monday, September 29, 2014

Prices of goods have risen in Yei County in Central Equatoria State due to the scarcity of the US dollars.

Traders say they need the US dollars to import food items from the neighboring countries.

They say the US dollars are being sold expensively along the streets, but are not being given to business people in commercial banks and forex bureaus.

The traders that spoke to Eye Radio have urged the government to channel the US dollars to the business people.

: “Dollar is very expensive and it has affected business so much. You find that you buy dollars at five hundred and yet you get Uganda shillings at two hundred sixty which is half of what you have in pounds and when you come back you have to hike prices to get profits and on those customers complain.”

 

: “very many people sitting outside selling dollars so we are wondering where this money is coming from, because when you go to the bank you are told there is no dollar. Personally I would request the Government should monitor where this money under umbrella is coming from, and if possible, this should be discontinued so that the business people, the locals, grow in business because each time you see the locals are dropping and the foreigners are the one taking over the business, even the economy of the country.”

The Central Equatoria State Minister of Commerce, Industry and Investment, Joseph Kulang, says the sale of the US dollars along the streets is illegal.

He says in his statement that government is working to eliminate the trade in dollars along the roadsides – referred to as the black market.

: “This is something serious that the Government is looking into and of recent the Government up to the National level is concerned and is trying to find out ways and means to get or remedy the whole exercise.”

 The official rate of the US dollar against the South Sudan Pound is 3.17 in the commercial banks.

But on the streets, one US dollar is sold at 5.0 South Sudanese Pounds in Yei.

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