South Sudan central bank to inject $5M into economy amid plummeting currency

JUBA, FEBRUARY 21^st 2023 (SUDANS POST) – South Sudan’s central bank announced on Tuesday that it will inject at least 5 million US dollars into the country’s economy in an attempt to rescue plummeting local currency.

In circulars posted to its social media accounts, the bank said separate auctioning of $2 and $3 million will take place on Thursday.

“The bank of South Sudan intends to sell US dollars: 2,000,000 (USD Two Million Only) to eligible forex bureaus through an auctioning to be held on Thursday, 23^rd February 2023,” the bank said in the one of the circulars seen by Sudans Post.

Another circular promised 3 more million dollars on the same day, further stating that the “auctioning process will be governed by Bank of South Sudan Foreign Exchange Auction Rules and Procedures.”

DEPRECIATING CURRENCY

The announcement by the Central Bank comes a week after dollar rate jumped to more than 800 pounds in the parallel market.

1 US dollar is currently being sold at 776 South Sudanese Pound rate at the central bank.

Traders last week expressed fears that 1 US dollar may rise to 1000 South Sudanese pound by next week if the government do not pour enough dollars into the market.