{"id":46535,"date":"2023-10-31T06:20:40","date_gmt":"2023-10-31T06:20:40","guid":{"rendered":"https:\/\/www.africa-press.net\/south-sudan\/all-news\/garang-boasts-of-enough-hard-currency-reserves-amid-inflation-fears"},"modified":"2023-10-31T06:35:31","modified_gmt":"2023-10-31T06:35:31","slug":"garang-boasts-of-enough-hard-currency-reserves-amid-inflation-fears","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-sudan\/all-news\/garang-boasts-of-enough-hard-currency-reserves-amid-inflation-fears","title":{"rendered":"Garang boasts of enough hard currency reserves amid inflation fears"},"content":{"rendered":"

Africa-Press – South-Sudan. <\/strong><\/span>The Governor of the Bank of South Sudan has doubled the amount of hard currency auctioned to forex and commercial banks as he boasts of \u201csufficient\u201d foreign reserves to stabilize the financial market.<\/p>\n

James Alic Garang said during an extraordinary press conference that the Central Bank has increased the weekly auctions from two-million dollars to about four-million dollars.<\/p>\n

According to the official, the decision was taken in response to the \u201cmodest\u201d strengthening of the United States dollars against South Sudan pound \u2013 a situation blamed on the recent payment of civil servant\u2019s salary.<\/p>\n

Dr. Garang said the increase in the amount of hard currency auctions will help stabilize the current market prices.<\/p>\n

\u201cThe amount we put out yesterday was double of what it used to be let\u2019s say for the last one month,\u201d he said at a press conference to address the plummeting of the local currency against dollar.<\/p>\n

\u201cThe figure that we used to have been about 2-3 million [USD], and yesterday [Thursday], we put our 4 million, which is twice [of] what we used to have.\u201d<\/p>\n

Mr. Garang said he is confident of turning the tides against the U.S. dollar and stabilizing the market in few weeks.<\/p>\n

\u201cAnd at the moment, we have sufficient reserves to even increase this figure going forward. I will not say how much we are confident that we have enough reserves to increase the amount that we will auction. So, for the next few weeks we are confident that the rate will be stabilized.\u201d<\/p>\n

The official said the bank\u2019s intervention in the current market situation is a normal practice, adding that the institution cannot watch the market to decide.<\/p>\n

\u201cPlease take time, look at the region, look at Kenya, look at Uganda, look at Ethiopia, look at the region, intervening in the currency market is a normal thing as long as the country is under the managed float, because if we just hold our hands like this and let the market decide, the consequent will be dire.\u201d<\/p>\n

\u201cSo part of economic management is to sell the foreign currency to those in need, so that they can use it to demand other commodities.\u201d<\/p>\n

\u201cWe will maintain this intervention in the foreign exchange because we know it has a positive [result] in the end. But what I can promise, it is not the only instrument. There are others that we will review so that within our toolkit we will have more.\u201d<\/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 Governor of the Bank of South Sudan has doubled the amount of hard currency auctioned to forex and commercial banks as he boasts of \u201csufficient\u201d foreign reserves to stabilize the financial market. James Alic Garang said during an extraordinary press conference that the Central Bank has increased the weekly auctions from […]<\/p>\n","protected":false},"author":84,"featured_media":46534,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[234,265,233],"class_list":["post-46535","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-south-sudan","tag-south-sudan"],"yoast_head":"\nGarang boasts of enough hard currency reserves amid inflation fears - South Sudan<\/title>\n<meta name=\"description\" content=\"The Governor of the Bank of South Sudan has doubled the amount of hard currency auctioned to forex and commercial banks ...\" \/>\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\/garang-boasts-of-enough-hard-currency-reserves-amid-inflation-fears\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Garang boasts of enough hard currency reserves amid inflation fears\" \/>\n<meta property=\"og:description\" content=\"The Governor of the Bank of South Sudan has doubled the amount of hard currency auctioned to forex and commercial banks ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/south-sudan\/all-news\/garang-boasts-of-enough-hard-currency-reserves-amid-inflation-fears\" \/>\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=\"2023-10-31T06:20:40+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-31T06:35:31+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/south-sudan\/sites\/32\/2023\/10\/sm_1698721472.682337.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1600\" \/>\n\t<meta property=\"og:image:height\" content=\"1157\" \/>\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\/garang-boasts-of-enough-hard-currency-reserves-amid-inflation-fears#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/south-sudan\/all-news\/garang-boasts-of-enough-hard-currency-reserves-amid-inflation-fears\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/south-sudan\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Garang boasts of enough hard currency reserves amid inflation fears\",\"datePublished\":\"2023-10-31T06:20:40+00:00\",\"dateModified\":\"2023-10-31T06:35:31+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/south-sudan\/all-news\/garang-boasts-of-enough-hard-currency-reserves-amid-inflation-fears\"},\"wordCount\":430,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/south-sudan\/all-news\/garang-boasts-of-enough-hard-currency-reserves-amid-inflation-fears#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/south-sudan\/sites\/32\/2023\/10\/sm_1698721472.682337.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-South-Sudan\",\"South-Sudan\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/south-sudan\/all-news\/garang-boasts-of-enough-hard-currency-reserves-amid-inflation-fears#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/south-sudan\/all-news\/garang-boasts-of-enough-hard-currency-reserves-amid-inflation-fears\",\"url\":\"https:\/\/www.africa-press.net\/south-sudan\/all-news\/garang-boasts-of-enough-hard-currency-reserves-amid-inflation-fears\",\"name\":\"Garang boasts of enough hard currency reserves amid inflation fears - 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