Deng Richard
Africa-Press – South-Sudan. The Bank of South Sudan will be carrying out foreign exchange auction to allow the buying of foreign currency in exchange of SSP.
BoSS invited all the eligible commercial banks and forex bureaus to participate in the auction so as to produce fair market value through competitive bidding.
The bank states this will allow it to work with the commercial banks to make a smart buying decision on buying and selling.
BOSS announced on their page that the event of the auctioning will take place on Thursday this week at the central bank’s main branch in Juba City, located in Juba town.
The bank also stated that qualified applicants will be permitted to quote any price of their choice during the time of bidding.
The Chairperson for the Foreign exchange auction supervisory committee for the Bank of South Sudan, Grace Araba Gordon, said the auction process is governed by the bank of South Sudan’s foreign exchange auction rules and procedures.
‘’The bidder with the highest reservation price will exercise his option to buy a portion of the offered quantity and pays his own bid price’’ IMF’s commonest rule of Foreign exchange auction.
Mrs Araba also said that during the working hours, the application forms and the booklets for the auction rules and procedures will be collected in her office at the Bank of South Sudan on that day.
Source: The City Review South Sudan
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