Juba, South Sudan
January 11, 2022–The new governor of the Central Bank of South Sudan has announced that he will start auctioning $13 million U.S. Dollar to forex bureaus and commercial banks on a weekly basis in an attempt to stablize the exchange rate in the country.
In a statement seen by Nyamilepedia, Governor Moses Makur Deng announced that the Central Bank will increase the amount to be auctioned to forex bureaus from $2 million to $5 million and that to banks from 3 million to $8 million to increase hard currency supply to reduce its high demand in the market.
“The committee reacted swiftly by increasing the frequency and volume of the United States dollars that we are injecting into the market,” Governor Makur declared. “We have increased the amount to be auctioned to forex bureaus from USD 2 million to 5 million and we have increased for banks from USD 3 million to 8 million. So, we are going to inject a total of USD 13 million a week to fight this temporary increase in the dollar rate.”, Deng said in a statement.
According to Deng, they will continue to do that until the dollar is stabilized where they want it to be.
“We know where we want it to be and we will continue to intervene. But as I said, as we approach the end of January, the rate will begin to come down dramatically.”, he added.
The Central Bank chief said that unless there are speculative activities involved, the increased amount of US dollars to be injected into the market will bring down the dollar rate.
“Unless there are speculative activities, the amount is too big for this market for the dollar to continue to go up,” Governor Deng emphasized.
