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Central Bank to double amount of foreign exchange auction

By Bida Elly David

The Central Bank within the advent of the festive season due to the predictable demand for Dollars has decided to double the quantity of its foreign exchange intervention in the money market.

In the press statement, availed to Juba monitor, the Central Bank has guaranteed to revert back to conduct a weekly foreign exchange auction for banks and forex bureaus with immediate effect.

‘’With the advent of the festivities season and expected rise in demand for dollars, the Bank of South Sudan (BOSS) has decided to double the amount of its foreign exchange intervention’’ Statement reads

The bank used to inject 2,000,000 USD to forex bureaus and 3,000,000 USD to commercial banks. Doubling it means that each financial institution would get its appropriate allocation.

Auction for commercial banks is scheduled to be piloted every Monday and Thursdays for forex bureaus.

In the same statement, the bank has also prepared to inject additional foreign currency should there be need to do so with an intention to maintain foreign exchange market stability

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