Bank of South Sudan has sold 1.4 million dollars to forex bureau in action to strengthen local currency

The Bank of South Sudan has sold 1.4 million US dollars to forex bureaus in an auction to strengthen the local currency and curb inflation. The financing was sold to nine forex bureaus that were successful in a bidding process conducted in Juba today.

The highest bidder received 200,000 USD while the lowest received 19,000 dollars. A total of 38 forex bureaus submitted bids.

Central Bank Governor Dier Tong announced plans to hold weekly auctions. He told journalists that the move will make hard currency more available for business people and ultimately bring down market prices.