The Bank of South Sudan says it has now removed over 1.2 billion South Sudanese Pounds from the financial market on Monday due to auctions of the U.S. Dollars it’s carrying out every week.
The amount was “mopped” from the financial markets through a foreign exchange sale/auction conducted by the Bank of South Sudan,” reads part of a statement issued by the bank.
South Sudan’s Central Bank begun providing US Dollars to commercial banks in early April.
The bank is auctioning three ($3) million to commercial banks every week, it is in addition to the $2 million to forex bureaus every week.
The country’s apex bank says it’s working to stabilise the market.
“The bank holds a series of foreign exchange sale auction for commercial banks and forex bureaus weekly with a view to stabilize the exchange market” Said the bank
Several currency traders at Juba market said they have seen slight decline in dollar’s power against South Sudan’s Pounds.
$1 was trading at 630SSP last week but now $1 is being traded at 450SSP
“Since Friday, there SSP has been strengthening against the US Dollars. Last week, it has now gone down to 450 SSP for one United State dollar.” A Money changer who identified himself as Mayen told Juba Echo
