Dec 20, 2015 (Nyamilepedia) — On Monday, December 21, 2015, the central Bank of South Sudan will auction 20,000 US dollars to the eligible bidders, preferably Commercial Banks, Nyamilepedia has learned from a statement issued by Moses Makur Deng, Director of Financial Market and Chairman of Foreign Exchange Auction Supervisory Committee of Bank of South Sudan.
“The Bank of South Sudan will sell US dollars 20,000,000 (US dollars twenty million) to eligible Commercial through an auction to be held on Monday, 21st December 2015,” says Moses Makur Deng.
The Bank of South Sudan ‘Foreign Exchange Auction Rules and Procedures’ will govern the auction process.
The lowest amount to bid for the Dollars placed on auction will be 50,000 USD and the highest amount the banks will offer for bidding wouldn’t be more than 20% of the amount of money the Bank of South Sudan has placed for sale.
“The minimum bid amount for this auction shall be USD 50,000 (US dollar fifty thousand). The maximum amount each eligible bank can bid for shall not exceed 20% of the total amount offered for sale by the Bank of South Sudan,” continues Deng.
Last week, the Bank of South Sudan devalued the local currency by lifting Provisions that prevent commercial banks set their own exchange rates.
Sudan Minister of Finance and Economic Planning Deng Athobei later confirmed to the nation on December 14, 2015 that the policy of devaluating South Sudan Pounds as put forward by the central bank of South Sudan should be implemented.
The National Alliance, a coalition of several South Sudanese Political Parties led by SPLM-DC leader Dr. Lam Akol issued a heavily worded statement calling upon South Sudan Minister of Finance and Economic Planning to revoke the policy of devaluation of local currency because it doesn’t favor the current market, it instead sharply increased the prices of commodities in the market.
This report is compiled by Gatluak Pal Chuol, Associate Editor of Nyamilepedia. He can be reached via firstname.lastname@example.org.