The United States, the United Kingdom, and Norway have expressed support for adoption of managed float.

Last week, the Central bank announced reforms in the exchange rate policy, abandoning the official rate of the pound against the US dollar.

The official rate of a dollar against the pound was at 2.96 in the Central Bank, but it rose to 18.5 after the introduction of the reform.

In a press statement, the three nations collectively called Troika, hailed the decision as a signal of the commitment by South Sudan leaders to charting a path forward on economic reforms.

“The exchange rate alone cannot support economic stability and will need to be matched by stronger public financial management, better and more targeted investments, and greater transparency and accountability to lead to a sustainable economy that provides opportunities for all South Sudanese,” partly read the statement.

It said allowing the pound to float should increase the availability of foreign currency for businesses and stabilize prices of many goods in the longer term.

The Troika said it shares the government’s view that there will be some immediate challenges but expressed belief that this measure would benefit the majority of South Sudanese over time.

The statement noted exchange rate alone cannot support economic stability.

It added that the market-determined exchange rate will need to be matched by stronger public financial management, better and more targeted investments, and greater transparency and accountability to lead to a sustainable economy.

The Troika pledged that it will continue to support the people of South Sudan as they seek a more prosperous and peaceful future.