CBSS, Security Cooperates close linkages to dollar black market
Juba, Ater Garang Ariath.
The Central Bank of South Sudan governor Kornelio Koriom Mayik and his deputy John Dor Majok confirm strong ties among security organs and the bank to close down the loophole that rising dollar against South Sudan pound.
The governor make this remark yesterday in the press conference held at the bank premises in juba adding that the dollar is available and the fear is that within weeks to come the South Sudanese pounds will be scarcity rather than dollar.
He pointed that some Forex Bureau has already run out of local currency while having dollar which is the good news if our currency push to the level of scarcity.
Mayik stress that the Forex Bureau and the Commercial Bank have more dollar and there is nothing like the scarcity of dollar as some individual claimed.
We applaud the Ministry of Interior for collective work that achieved and we determine to ensure that all linkages that causes the stiff of dollar against our currency are vehemently dismantle meanwhile warns the dollar dealers to change their mind otherwise they will experience greater lose since the dollar rate is going to drop down.
We will collaborate with all security apparatus to clear mobile Forex in the market pointed that nobody can be given money without proper documentation regardless of status.
The bank of South Sudan dont give out direct money to any person including staff unless one go to nearby commercial bank or Forex Bureau following guidelines like others, said Mayik
The governor said the dollar exchange rate against South Sudan Pounds (SSP) is reducing and our people involving in trading dollar should give up doing that amid challenges false reports that there is dollar scarcity in South Sudan.
The bank of South Sudan two weeks ago 14th of this month has been working closely with other stakeholders in order to discussed serious issue of dollar changing rate which affected the market, said Mayik.
We survey the market and after surveyed we found that the only solution to fight stiffen of dollar rise against our local currency is to double the previous FX allocation from 100 million USD to 200 million dollar per as stipulated, weekly FX allocated to the commercial banks for the import will increase from 2 million dollar per bank to 4 million dollar, he pointed
He added that the weekly FX allocated to the Forex Bureau will increase from US$ 200,000 per Forex to US$ 400,000 and medical treatment, school fees and traveling abroad will increase per bank from US $ 500, 000 to 1million US$
The dollar exchange rate against pound has drop from previous 4.3 SSP to 3.7 SSP and this will continue decline, decline and decline the governor promised.
The import of goods and other important commodities must be through Letter of Credit (LC) and this policy will remain there until we stabilize the value of our local currency, said Mayik.
The money will not be carry in briefcase moving from South Sudan to other countries and that was why we introduce LC in order to letter which come from buyer to the seller.
He assures that the days of speculations as they closed the linkage that link dollar high exchange rate.
The Deputy Governor of Central Bank John Dor Majok dismissed the reports published in this paper allegedly accuses some bank officials link with the dollar dealers in black market.
The Citizen Newspaper should contact the authority of the CBSS to verify the report rather than air out baseless and unfounded accusation against our esteem staff, said Majok.
Our mandatory as the Central bank is to ensure that the dollar in the market is drop against our currency and we are fighting hard to kick out the dealers in the black market, he commented
