South Sudan shifts to floating exchange rate: minister
South Sudanese Finance Minister David Deng Athorbei speaks to reporters in the southern capital of Juba, on August 23, 2010. AFP PHOTO | PETER MARTELL
South Sudan has abandoned its official exchange rate and moved to a floating rate, the finance minister of the war-torn country said late on Monday.
South Sudan, which gained independence from Sudan in 2011 only to fall into civil war two years ago, has seen its currency steadily weakening on the unofficial market, even as the central bank held on to a steady rate of 2.95 South Sudanese pounds to the U.S. dollar.
"I am today announcing the important measures to reform our exchange rate policy," said David Deng Athorbei, Minister of Finance and Economic Planning.
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