(JUBA CITY) – The South Sudanese forex market has seen the parallel US dollar continue to trade far above official rates this week, reflecting strong demand for foreign currency across the country.
Information obtained from banks and downtown forex traders in Juba and other towns shows a clear divergence between official and parallel rates.
The dollar is selling at about 7,138 SSP and buying at 7,001 SSP on the parallel market, roughly SSP 2,500 higher than the official rates set by the Bank of South Sudan, which remain at 4,638 SSP selling and 4,501 SSP buying.
Other major currencies also show significant gaps between official and parallel rates. The euro (EUR) is trading at about 8,374 SSP selling and 8,200 SSP buying, while the British pound (GBP) is selling at 9,671 SSP and buying at 9,473 SSP on the parallel market.
Regional currencies including the Kenyan shilling, Ugandan shilling, Sudanese pound, Ethiopian birr, Rwandan franc, Tanzanian shilling, and Burundian franc follow similar trends.
The gap between official and parallel rates continues to affect businesses, households and importers. Financial monitor Jakony Media Agency reported the high parallel rates make planning and budgeting more challenging, but they offer a clearer picture of real market conditions than official figures.
According to the business news website, during a recent central bank foreign currency auction in September, dollars were sold at rates up to SSP 1,100 above the official rate, showing the persistent demand for hard currency.
The forex tracker noted that while official rates remain stable, the parallel market is the benchmark for most daily foreign exchange transactions in South Sudan.
The table below shows the official and approximate parallel market rates for major currencies this week, according to reports obtained from Jakony Media Agency:
| Currency | Official Selling | Official Buying | Parallel Selling ▲ | Parallel Buying ▲ |
|---|---|---|---|---|
| USD | 4,638 | 4,501 | 7,138 | 7,001 |
| EUR | 5,436 | 5,275 | 8,374 | 8,200 |
| GBP | 6,280 | 6,094 | 9,671 | 9,473 |
| KSH | 35.96 | 34.79 | 55.38 | 54.13 |
| UGX | 1.34 | 1.27 | 2.07 | 1.98 |
| SDG | 7.76 | 7.44 | 11.94 | 11.57 |
| ETB | 32.30 | 31.34 | 49.74 | 48.70 |
| RWF | 3.24 | 3.09 | 4.99 | 4.81 |
| TZS | 1.89 | 1.83 | 2.90 | 2.84 |
| BIF | 1.58 | 1.51 | 2.44 | 2.35 |
Experts advise businesses and households to monitor both official and parallel rates when exchanging money or planning imports. The parallel market, while unofficial, offers a more realistic view of the cost of foreign currency in South Sudan.
Source: Jakony Media Agency, South Sudan’s Largest Business News Website.
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