Bank of South Sudan begins providing hard currency to commercial banks

South Sudan’s Central Bank has begun providing US Dollars to commercial banks. The Central Bank on Tuesday said it began giving out hard currency to commercial banks through auction.

“From now onwards we will be auctioning three $3 million to commercial banks every week, this is in addition to the $2 million we are giving forex bureaus every week.” Said the Governor of the Bank of South Sudan, Dier Tong Ngor.

The governor said the bank expects that availing the hard currency will help in stabilizing prices in the market.

“We import almost everything, there is always need for hard currency and if the hard currency is readily available then prices will remain syable.” Added Dier Tong.

He further said the bank is looking for revenue from other sources other than loans to ensure the US Dollars are availed to the commercial banks and that the process should continue until the economy is stable.

Dier said, the money is given through auction to commercial banks, each bank makes a bid and selections are by the central bank.

The Bank says when it announced about the auction, a total of twenty-two banks applied and that twenty were selected.

Steve holds a Bachelor’s Degree in Law from Moi University, School of Law and a Postgraduate Diploma from Kenya School of Law, awarded in 2019.