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Central Bank to auction additional $2 million as exchange rate drops

Juba, South Sudan,

July 06, 2021 – The Central Bank of South Sudan has announced that it will auction off an additional $2 million to eligible forex bureaus as part of its initiative to inject more foreign currency into the economy.

Central Bank to auction additional $2 million as exchange rate drops
Moses Makur Deng, Chairman of the Foreign Exchange Auction Supervisory Committee at the Bank of South Sudan (photo credit: Radio Miraya)

In a statement seen by Nyamilepedia Tuesday, Moses Makur Deng (pictured), the Chairman of the Foreign Exchange Auction Supervisory Committee at the Bank of South Sudan said the auction process will be governed by national laws which bidders must comply with.

“The Bank of South Sudan intends to sell U.S dollars: 2,000,000.00 (USD Two Million Only) to eligible bureaus through an auction to be held on Thursday 8th July 2021,” Makur said. “Auction process will be governed by the Bank of South Sudan ‘Foreign Exchange Auction Rules and Procedures.”

Makur added that “The maximum bid amount is (5%) of the above-announced amount which equates to USD 100,000.00 (One Hundred Thousand USD only) per bidding application”.

He said eligible bureaus can collect application forms and the Auction Rules and Procedures from the office of the Chairman of the Auction Supervisory Committee at the Bank of South Sudan during working hours.

The South Sudanese Pounds have gained strength against the USD since the Central Bank announced the initiative to inject at most $5 million into the market on a weekly basis.

The idea is seemingly working. As of Tuesday morning, the rate of dollars to SSP was 1 into 350 and a further drop was expected by forex dealers.

However, the market has not been receptive to the initiative as prices of commodities remain at record high and SSP becomes more scarce.

Traders have been hesitant to reduce prices thanks to a lack of confidence despite reeling pressure from the government. Some traders who spoke to Nyamilepedia anonymously allayed fear that attempts to reduce prices could backfire.

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