100 Dollar To South Sudan Pound In Black Market
Introduction
South Sudan has been in a state of turmoil since it gained independence from Sudan in 2011. The country has been plagued with conflict, inflation, and a depreciating currency. The official exchange rate for the South Sudan pound to the US dollar is 1:170, but in the black market, the rate is much higher.
The Black Market in South Sudan
The black market in South Sudan is a thriving business. It is estimated that more than 80% of the country's economy is conducted through the black market. The black market is a place where people can exchange goods and services without the government's involvement.
Why Use the Black Market?
The black market is attractive to people who want to avoid government regulations and taxes. It is also a place where people can get access to goods that are not available through official channels. For example, many essential goods such as medicine, fuel, and food are in short supply in South Sudan. The black market is a place where people can obtain these goods at a higher price.
100 Dollar to South Sudan Pound in the Black Market
If you want to exchange 100 dollars to South Sudan pounds in the black market, you will get a much higher rate than the official exchange rate. The exchange rate in the black market fluctuates daily depending on the demand and supply of the South Sudan pound. It is not uncommon to see exchange rates that are three or four times higher than the official rate.
Why is the Black Market Rate Higher?
The black market rate is higher than the official rate because of the high demand for foreign currency in South Sudan. The country heavily relies on imports, and most of the imports are paid for in foreign currency. The government has also limited access to foreign currency, making it difficult for people to get access to foreign currency through official channels. This has led to an increase in demand for foreign currency in the black market, driving up the exchange rate.
The Impact of the Black Market on the Economy
The black market has a significant impact on the South Sudanese economy. The government loses revenue because of the lack of regulation and taxes. The black market also creates an uneven playing field, where some people benefit from the higher exchange rate, while others suffer from the high prices of goods and services.
Conclusion
The black market in South Sudan is a thriving business, and the exchange rate for the South Sudan pound is much higher than the official rate. The high demand for foreign currency in South Sudan, limited access to foreign currency through official channels, and the lack of government regulation and taxes have contributed to the high exchange rate in the black market. While the black market provides access to goods and services, it also has a significant impact on the South Sudanese economy.