From The Standard Digital

Thousands of traders fleeing South Sudan are in a fix, having come with millions of South Sudanese pounds, a currency that local foreign exchange dealers will not touch.

Many of them clung to the money, some through adverse times and in many instances the only thing they salvaged when the chaos in South Sudan broke out, but are now unsure of what to do with the currency that local foreign exchange dealers are not ready to accept.

While a number of Kenyans — individuals and institutions — have been enthusiastic about business opportunities in the young African state, financial institutions are yet to embrace its currency and do not indeed trade in the South Sudanese pound.

And now, local banks and foreign exchange bureaus are wary of taking the pound, afraid that they might buy the currency and end up with a dead stock that nobody else wants to buy.

Among the few alternatives they now have include shipping the money back to the country they just fled for changing into other currencies that will be acceptable back home.

“The South Sudanese currency is just like any other currency. As an intermediary, I would buy it if I will be able to sell it,” said Habil Olaka, chief executive, Kenya Bankers Association.

Written by Macharia Kamau|Read more at Standard Digital