Matik Kueth
Africa-Press – South-Sudan. The Bank of South Sudan intends to implement the Electronic Foreign Exchange Auction system utilising the refinitiv financial platform.
According to a statement obtained by The City Review on Friday, Peter Majok, Acting Director of the bank’s Financial Department, stated that the Foreign Exchange auction system is part of the London Stock Exchange Group and allows entities to participate in foreign exchange auctioning via the system without physically being present at the bank’s premises.
“As part of modernizing the banking sector, the Bank of South Sudan is introducing the Electronic Foreign Exchange Auction System through Refinitiv Financial Platform part of London Stock Exchange Group which allows regulated entities to participate in the foreign Exchange auction through its platform without physical presence at the Bank’s premises,” Majok said.
He said all forex bureaus are required to have active bank accounts with the country’s commercial banks, which include Buffalo Commercial Bank, Cooperative Bank, Eco-Bank, Equity Bak, Ivory Bank, Kenya Commercial Bank, Kush Bank, National Bank of Egypt, and Stanbic.
Majok noted that the present auction mechanism will expire on April 24, 2024, adding that the Bank of South Sudan shall announce the names of other institutions when they come on board.
“And all foreign exchange auctions will be conducted through the new electronic platform. The BoSS will also communicate names of additional banks once they get on boarded on the platform,” he stated.
Source: The City Review South Sudan
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