{"id":36557,"date":"2023-05-15T14:46:23","date_gmt":"2023-05-15T14:46:23","guid":{"rendered":"https:\/\/www.africa-press.net\/south-sudan\/all-news\/central-bank-cancels-weekly-auction-over-irregularities"},"modified":"2023-05-15T14:59:38","modified_gmt":"2023-05-15T14:59:38","slug":"central-bank-cancels-weekly-auction-over-irregularities","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-sudan\/all-news\/central-bank-cancels-weekly-auction-over-irregularities","title":{"rendered":"Central Bank cancels weekly auction over \u201cirregularities\u201d"},"content":{"rendered":"

Africa-Press – South-Sudan. <\/strong><\/span>The Bank of South Sudan cancelled its weekly auctioning of US dollars to commercial banks and forex bureaux last Friday due to \u201cirregularities\u201d.<\/p>\n

The Foreign Exchange (FX) Auction Supervisory Committee noted in a statement posted by the bank on its official page that it met with the governor and first deputy governor for policy and banking over the matter on May 11, 2023.<\/p>\n

The meeting endorsed the cancellation and called for punitive measures against violations of the Bank of South Sudan\u2019s (BOSS) FX rules and procedures.<\/p>\n

According to FX Auction Rules and Procedures (2015), \u201cthe BoSS may at any time, in its sole and absolute discretion, with or without notice, postpone or cancel an auction, whether before or after bids are submitted, whenever there are irregularities observed.\u201d<\/p>\n

Also, the \u201cBank of South Sudan noted with concern the FX market volatility and further depreciation of the SSP against the USD since the beginning of the year, exacerbated by the ongoing war in Sudan on speculative motives and the Fed\u2019s recent hikes in interest rates by a quarter percentage point, which exerted upward pressures on prices of imported commodities\u201d.<\/p>\n

BoSS observed that growth in broad money was stable in line with the 2023 target, and the annual inflation rate decreased by 6.2 per cent driven by lower prices of food and non-alcoholic beverages.<\/p>\n

\u201cThe BoSS, while maintaining a presence in the FX market through occasional intervention, will enhance the use of the Term Deposit Facility (TDF), an interest-bearing indirect instrument, as an alternative liquidity management tool,<\/p>\n

As a result, the Bank has expanded the range of maturities of the TDF auctioning into 28-day and 84-day maturities at annualised interest rates between 10 and 15 percent.<\/p>\n

The bank promised to continue to tighten the conduct of monetary policy to keep the growth of broad money within the 2023 target and plan to build reserves to stabilise the market.<\/p>\n

Source: The City Review South Sudan<\/b><\/p>\n

For More News And Analysis About South-Sudan<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Sudan. The Bank of South Sudan cancelled its weekly auctioning of US dollars to commercial banks and forex bureaux last Friday due to \u201cirregularities\u201d. The Foreign Exchange (FX) Auction Supervisory Committee noted in a statement posted by the bank on its official page that it met with the governor and first deputy governor […]<\/p>\n","protected":false},"author":84,"featured_media":36555,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,7],"tags":[234,265,4096,2353,233],"class_list":["post-36557","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","tag-africa-press","tag-africa-press-south-sudan","tag-cancels-weekly-auction","tag-central-bank","tag-south-sudan"],"yoast_head":"\nCentral Bank cancels weekly auction over \u201cirregularities\u201d - South Sudan<\/title>\n<meta name=\"description\" content=\"The Bank of South Sudan cancelled its weekly auctioning of US dollars to commercial banks and forex bureaux last Friday ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/south-sudan\/all-news\/central-bank-cancels-weekly-auction-over-irregularities\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Central Bank cancels weekly auction over \u201cirregularities\u201d\" \/>\n<meta property=\"og:description\" content=\"The Bank of South Sudan cancelled its weekly auctioning of US dollars to commercial banks and forex bureaux last Friday ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/south-sudan\/all-news\/central-bank-cancels-weekly-auction-over-irregularities\" \/>\n<meta property=\"og:site_name\" content=\"South Sudan\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-05-15T14:46:23+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-05-15T14:59:38+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/south-sudan\/sites\/32\/2023\/05\/postQueueImg_1684145795.11.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"479\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/south-sudan\/all-news\/central-bank-cancels-weekly-auction-over-irregularities#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/south-sudan\/all-news\/central-bank-cancels-weekly-auction-over-irregularities\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/south-sudan\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Central Bank cancels weekly auction over \u201cirregularities\u201d\",\"datePublished\":\"2023-05-15T14:46:23+00:00\",\"dateModified\":\"2023-05-15T14:59:38+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/south-sudan\/all-news\/central-bank-cancels-weekly-auction-over-irregularities\"},\"wordCount\":334,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/south-sudan\/all-news\/central-bank-cancels-weekly-auction-over-irregularities#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/south-sudan\/sites\/32\/2023\/05\/postQueueImg_1684145795.11.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-South-Sudan\",\"cancels weekly auction\",\"Central Bank\",\"South-Sudan\"],\"articleSection\":[\"all news\",\"economy\",\"head lines\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/south-sudan\/all-news\/central-bank-cancels-weekly-auction-over-irregularities#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/south-sudan\/all-news\/central-bank-cancels-weekly-auction-over-irregularities\",\"url\":\"https:\/\/www.africa-press.net\/south-sudan\/all-news\/central-bank-cancels-weekly-auction-over-irregularities\",\"name\":\"Central Bank cancels weekly auction over \u201cirregularities\u201d - 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