Central bank to maintain restrictive policy to stabilize currency

JUBA – South Sudan’s central bank has announced that it will continue to maintain a restrictive monetary policy announced earlier this month to stabilize the local currency, the Pound, against its foreign currencies such as the US dollar.

Speaking during a press conference in Juba on Tuesday, Alic said the government will continue with the restive measures to maintain good standing of the economy.

“As a part of the government, our policies are straightforward: we will continue with restrictive monetary policies,” he said.

“We will also communicate our policies to the public and modernize the national payment system, where we have made significant progress,” he added.

Garang emphasized the importance of developing sectors beyond oil, such as agriculture, to strengthen the economy.

He also revealed the central bank’s efforts to mobilize reserves and regulate informal currency markets.

“We are reorganizing the informal market. The government has outlawed street currency trading, and we are now registering money changers and requiring them to operate from designated shops,” he said.

“From April onward, unregistered currency trading will be illegal. These measures will help control prices in a positive way,” he added.

His remarks come as the South Sudanese Pound has reached its lowest point against the dollar since independence in 2011.

The current exchange rate is 1,500 SSP to one dollar, compared to 1,200 SSP in December last year.