South Sudan is out of foreign exchange reserves
Tumbling oil
production and alleged corruption have led to the weakening of the country's
currency.
South Sudan, battered by years
of conflict and corruption, has run out of foreign exchange reserves and cannot
stop the pound's depreciation, a senior central bank official in the
oil-producing nation said on Wednesday.
South Sudan gets
almost all of its revenue from crude oil, but current output, at about 180,000
barrels per day (bpd), has plummeted from a peak of 250,000 bpd before the
outbreak of conflict in 2013, according to official figures.
"It is
difficult for us at the moment to stop this rapidly increasing exchange rate,
because we do not have resources, we do not have reserves," Daniel Kech
Pouch, the bank's second deputy governor, told a news conference.
South Sudan ...