Tuesday December 12, 2017

Bank of South Sudan doubles Foreign Exchange

Bith Jonathan

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JUBA –  Skyrocketing market prices have led Bank of South Sudan (BOSS) governor Mr. Kornelio Koriom Mayiik to double the foreign exchange allocation. The allocation is from 100,000,000 USD to 200,000,000 USD a month. The move came after the bank governor witnessed the South Sudan Pound (SSP) apperciate against US Dollar.

Mr. Kornelio told reports, “the Bank of South Sudan has been monitoring the market prices very closely.”

He therefore explained that “the general market trends indicate that the market rates are skyrocketing, and this trend has created a gap between the official rate of the local currency.” The South Sudanese Pound (SSP) currently trades at 2.95SSP against the US dollar.

Mr. Mayiik has outlined how the money will be allocated. Commercial bank such as Kenya Commercial Bank (KBC), Somalis’s Bank ( Dahabshil and Amal Express) will receive 4,000,000 USD weekly instead of the current 2,000,000 USD. Foreign Exchange Bureau’s allocations will increase from 200,000 USD to 400,000 USD. Other allocations, for instance medical facilities and school fees, will increase from 500,000 USD to 1,000,000 USD.

Mr. Koriom said, “a recent report from a survey carried out by the bank indicates that there are several factors that greatly contribute to the upward trend in the exchange market.”

He added, “that the rising demand for the US dollars is one of the leading factors.”

He went on by suggesting that, “there are a number of monetary and fiscal factors that are now being addressed by the bank and the other stakeholder to maintain normalcy in the market.”

The governor warn the commercial banks and Foreign Exchange Bureau that the BOSS will vigilantly monitor the forex market and will penalize any financial institution that violate the rules.

 

The Upper Nile Times

Bith Jonathan

Bith Jonathan is an award-winning journalist and columnist. He holds a bachelor’s degree in mass media and journalism from the prestigious kenyan school of mass media.


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