Central Bank clarifies on reports by Juba Monitor
By Okan Thomas Onyango
The Bank of South Sudan has clarified on the recent story run by Juba Monitor on the functioning of the Auction of Foreign Currencies by the institution.
Speaking during the Press Conference, the Governor of the bank Dier Tong Ngor said that the recently circulated information on the current practice of auctioning of foreign exchange (FX) to the forex bureaus by the Central Bank was very misleading and biased.
“The Juba Monitor daily newspaper recently circulated very misleading and biased information on the current practice of auctioning of foreign exchange to forex bureaus by the Central Bank,” Dier said.
Central Bank all over the world use FX intervention as a tool to manage exchange rate volatility, and by supplying FX to the market, a Central Bank mops up excess liquidity from the market and thereby reduces the demand on foreign exchange,” Dier added.
Turn to page 12 for full statement.