South Sudan's English Daily Newspaper
"We Dare where others fear"
By Benjamin Takpiny
The Governor of the Bank of South Sudan Dr. James Alic Garang has set up measures to stabilize foreign exchange market in the country.
He said in a statement issued on Monday that the central bank is closely monitoring the recent developments in the foreign exchange market and remains committed to ensuring price stability and efficiency in the market.
“We are aware of the recent fluctuations in the exchange rate and its impact on prices,” Garang said.
As of Tuesday the exchange rate in the black market rose to 140,000 SSP per $100 and 128,000 SSP at the central bank.
Garang said that the bank has considered and approved the measures to control the foreign exchange market by intervening with a monetary policy rate that strengthens the SSP, through weekly auction of foreign currency at a revised rate of the central bank.
He said that they have deployd counter measures to stabilize the exchange rate through supply of additional resources to relieve pressure on the external sector and balance of payments.
In addition, Garang noted that they have intensified Term Deposit Monetary Operations in order to smoothen market liquidity, money supply and demand.
He said that they will continue to take necessary measures to promote transparency, enhance liquidity, and maintain a fair and an orderly market environment and engage other stakeholders and development partners to support efforts aimed at fostering a resilient and a competitive foreign exchange market for sustainable economic development.
“Finally, the Bank of South Sudan assures the public that it is unequivocally committed to its mandate of ensuring price stability and sound financial system in the country,” Garang said.
