Tuesday December 12, 2017

BOSS moves to eliminate the Black Market

South Sudanese Currency (credit: BOSS)

JUBA – Bank of Southern Sudan (BOSS) has adapted a strategy plan by raising the value of its currency exchange. The move came, as the Central Bank currently witness the different exchanges rate in the market. There are three different phases of exchange in the country. For example, if a customer is exchanging South Sudan Pound to U.S. Dollar at the Commercial Banks and Foreign Exchange, one U.S. Dollar is equivalent to 3.2 South Sudan Pound while in the black market, it is 1:4 ratios, but at the Central Bank, the exchange is 1:2.96 ratios against the dollar.

Consequently, the Central Bank and security agencies are moving to eliminating the black market (foreign exchange bureaus) from the market. In the black market, the exchange sometimes could go up to 1:4.2 against the dollar.

At the conference call, the BOSS Governor Korenellio Koryom said, “the dollar should be selling at 2.96, and if it goes to 3, we have no problem, but if it goes to 3.8, we won’t accept that.”

Mr. Koryom added, “we have also made some agreement with security personnel to clear mobile foreign exchange bureaus.”

On October 15, 2011, Bank of South Sudan (BOSS) doubled the foreign exchange allocation from 100 million to 200 million US dollar a month after the bank governor had witnessed the South Sudan Pound (SSP) appreciate against US Dollar while the market price was skyrocketing.

Additionally, last month the Interior ministry disbanded all illegal checkpoints across the country, where security personnel had been accused of extorting cash from traders through double exchange.

Furthermore, it could be interpreted that to eliminate the black market from the market came as the governor warned the Commercial Banks and Foreign Exchange Bureau last month. The governor said, “BOSS will vigilantly monitor the black market (foreign exchange bureaus) and will penalize any financial institution that violate the rules.”

 

The Upper Nile Times

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