Government announces immediate plans to inject more dollars
The Central Bank of South Sudan will pour dollars into the market in a bid to reduce high exchange rates, the governor has said.
Since the devaluation of the Pound in December 2015, the dollar has been strengthening against Pound.
This made market prices to increase across the country, making it difficult for traders to import essential commodities.
To reverse this situation, Dier Tong Ngor said the bank will now ensure that traders have access to the hard currency:
“In this regard, the Bank of South Sudan will immediately meet the foreign exchange requests that were presented to us recently by commercial banks.”
Minister Ngor said BOSS has been able to build the foreign exchange reserves in order to meet the market demands.
“This statement is, therefore , to ensure or to assure the market that the Bank of South Sudan has the capacity to meet the market needs for foreign exchange.”
He also stated that this will enable traders to import fuel and essential commodities.