Africa-Press – South-Sudan. By Bida Elly David
Bank of South Sudan over the weekend has set to conduct a surplus foreign exchange auction of $5 Million to Commercial Banks and forex bureaus as supplementary measures to regulate the money market.
This came after the Bank has observed progress in the market through a fall in the bidder’s numbers and bids amount in the foreign exchange auctions which was a clear signal of SSP Scarcity in the Money market.
In October-2021, the Ministry of finance and planning paid out a significant amount of South Sudanese pounds being civil servant salaries arrears for four (4) Months. In this regard, the Central Bank intervened and increased the frequency and volume of foreign exchange auctions to $13Million weekly where commercial banks received $ 8Million and $5Million to forex bureaus respectively aimed at mopping the excess SSP reserves to pre-payment level.
In a press statement, Moses Makur Dengthe governor of Central Bank said that the bank this week will conduct one foreign exchange auction of an additional $5 Million to Commercial banks and forex bureaus.
Furthermore, Makur said that the auction shall be done on two segments where Commercial banks shall have the amount of$3Million auctions in the first week and $2Million Dollars to forex bureaus respectively on Wednesdays each week the other week.
‘’The bank of South Sudan shall conduct one foreign exchange auction of additional $5 Million to Commercial banks and forex bureaus aimed at improving the economy in the money market. The auction shall be done on two segments where Commercial banks shall have the amount of $3Million auction in the first week and $2Million Dollars to forex bureaus respectively on Wednesdays each week the other week’’ Moses said.
However, Moses said that with the impact of the previous auction conducted, it was noticed the scarcity of South Sudanese pounds have been registered in the money market.
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