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South Sudan has reserves to defend new exchange rate - finance minister

Tuesday, 12 Nov 2013 | 12:57 PM ET

GENEVA, Nov 12 (Reuters) - South Sudan has almost $1 billion in forex reserves and will use some to defend its new exchange rate, Finance Minister Aggrey Sabuni Tisa said on Tuesday, a day after the new republic devalued its currency.

South Sudan will finish paying back foreign loans within 2-3 months and is discussing rescheduling its debt to domestic creditors, Tisa said.

"We will have to use part of our foreign exchange, particularly dollars, to protect the new position of the South Sudanese Pound," he told Reuters in Geneva.

The country's oil production should return to the levels it hit before the flow was shut down during a row with neighbouring Sudan within four to five months, he added.