The Governor for South Sudan Dier Tong Ngor’s banks has increased the dollar auction budget to commercial banks and forex bureau from $5 million to $8 million per week.
The foreign currency injected into commercial banks increased, and the forex bureau auctioned $2 million to $3 million.
The government says the increase of auctioning amount to sixty percent is to strengthen the exchange rate he “branded market liquidity” and support citizens’ demands on foreign money.
According to the governor, the new auction amount adjustment financial and monetary stability shall be implemented next week.
Central banks gain more momentum of seeing the South Sudanese pound strengthening against the US dollar for the first time. The injection of more money into the local market was a strategy to address the economic crisis in South Sudan.
The recent reduction of the exchange rate had given people economic stability during the implementation of the Revitalized Peace Agreement.
In the last three weeks, the local currency exchange rate reduces from sixty thousand per one hundred dollars to forty-five thousand pounds.
Central banks have limited dollar auction to the national capital Juba, citing the closure of its borderline with neighboring countries due to political crisis.
The Bank governor also dismissed social media rumors that it’s planning to introduce a 5,000 Pound denomination
Bank of South Sudan tasks is to supervise conventional banking services in the country and regulate monetary policies.