Dollar drops to 320 SSP as gov’t injects additional $2 million into market

JUBA – South Sudan currency is gaining more momentum against foreign currencies after the central bank announced on Tuesday the auctioning of at least $2,000,000 to qualifying banks, with traders in Juba telling Sudans Post that exchange rate is expected to decline further in the next few days.

“Today, it is an unprecedented day in South Sudan since two years ago. For the first time in two years, one dollar is now being traded at 320 South Sudanese pounds at the black market and this is a sign that the economy is recovering,” one South Sudanese trader who identified himself as Deng said from Juba Market.

“This is a great step for the economy but because the government has committed to what it said that it will continue to disburse more dollars to the market to help the traders bring commodities from abroad, we expect that the current rate will drop further in the next few days,” Deng added.

South Sudan Central Bank on Tuesday announced that it is auctioning additional 2 million United States Dollars to local banks and forexs in hope to further stabilize the economy.

“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. Auction process will be governed by the Bank of South Sudan ‘Foreign Exchange Auction Rules and Procedures,” Moses Makur Deng, the Chairman of the Foreign Exchange Auction Supervisory Committee at the Bank of South Sudan said, according to Nyamilepedia.

“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,” the senior central bank official added.