South Sudan Currency Devalued 84% After Unpegging From Dollar

South Sudan's currrency dropped 84% on Tuesday as the central bank freed the South Sudanese pound to trade at black market prices several times the official rate.

The Bank of South Sudan noted in a statement: “All foreign exchange business shall be transacted at market determined exchange rate”.

South Sudan's central bank adopted parallel market rate

Surrendering to prices charged in the black market, Bank of South Sudan adopted the parallel market rate of 18.5 per dollar on Tuesday from a previous fixed rate of 2.96. Kornelio Koriom Mayik, Governor of the...