This is How the Black Markets Controlled the Fragile Economies? By Hon. Ateny Wek Ateny
Analysis by Hon. Ateny Wek Ateny
They create a rumour against hard currency that more money are coming or have come to the country in hard currency – therefore promoting those outside market who have a few dollars to sell their dollars for cheap. Then, they continued speculating on a daily basis and agreed to drop it by thousands of pounds.
Then after they have finished the floating dollars from the hands of individuals who exchange their dollars in an attempt to avoid their money become worthless in the face of rising SSP purchasing power, another rumor is created to say the dollars has gone up again.
There it is the few black market controllers who are now selling their dollars. The same thing happened time and again to no end. This is how it is. Even if the central bank brings hard currency, the drop in a normal economy happens gradually.
Like when Kenya decided to support the purchasing power of their shillings against dollars from 165 per $1 dollar by injection 300 million that was released into the exchange markets, it took 5 months for shillings gain momentum gradually against dollar to staggering 128 shillings per US dollar from 165 shillings.
What is this that drops the purchasing power of dollars in South Sudan uncontrollably when it is going up or down? Are we magicians, or are we running a magical economy? Otherwise, the market prices donβt follow the dollar down, but they follow it up – what is this?
