Narrative on the Dahabshiil story

By Staff Reporter

On the 19th January this Year, a journalist from Juba Monitor walked into Dahabshiil Exchange Co. Ltd office at around 12:00 noon. He met with a Somalian National named Ibrahim the receptionist who directed the journalist to talk to the senior teller [name withheld] who detailed the information off-record.

The Dahabshiil teller spoke on behalf of the management as well as in view of the administration of Dahabshiil since both the Manager and his Deputy were not available by then. They had 15 minutes conversation with the teller who opted for anonymity due to sensitivity of the information.

On the 22nd January Friday at around 11:20 am the same journalist had another 15 minutes conversation with Mohamed Ibrahim the  Dahabshiil Manager in his office explaining the circumstances on where they got disappointed with the way the article was published by Juba Monitor that they were quoted wrongly.

According to Mohammed, the Juba Monitor journalist talked to his staff teller [name withheld] who was not authorized by the Management of Dahabshiil Company to talk to media and asked why Juba Monitor published the article? He asked.

Mohamed Ibrahim also claimed mounted pressure from the Central Bank to Union of Forex Bureaus chairman and to him as the manager. The fact remained that, the Manager denied information given by his teller because he is not an authorized official to talk to the media.

Mohammed Ibrahim provided the journalist with his business card at last and promised to have more interviews with the media after pressure from the Central Bank due to the published story by Juba Monitor, when the pressure calms down,” he concluded.

The last public announcement from Central Bank calling bids from 50 forex to apply advertised on Juba Monitor January 12th read to all readers that, the Bank of South Sudan intends to sell US dollars: 2,000, 000.00 (USD) Two million only to eligible forex bureaus through an auction to be held on Thursday 15th  January 2021. The auction process would be governed by the Bank of South Sudan “Foreign Exchange Auction Rules and Procedures.

The maximum bid amount was (5%) of the above announced amount which equates to USD 100,000.00 (One Hundred Thousand USD only) per bidding application.

Application forms as well as the Auction Rules and procedures could be collected from the office of the Chairman of Auction Supervisory Committee, at the Bank of South Sudan during working hours, signed by the Chairman of Foreign Exchange Auction Supervisory Committee Bank of South Sudan.

This call for application from the bidders was directed to 50 forex bureaus only who are also eligible to apply.

Nevertheless, this informed the curiosity of Juba Monitor to send a reporter and get views of  eligible forex bureaus in Juba town to ask them whether they had successfully applied for the bids  of Two Million dollars or not.

The contacted few forex bureaus were Dahabshiil, Amal, Ambassador Forex Bureaus and Rekamou among others forexes. In the effort, the Dahabshiil Management disowned the story that quoted them in the process of being contacted. This is deemed unfortunate and an attempt threaten the media not to reveal what had happened to the citizens in the Country.

However, yesterday the very journalist from Juba Monitor also met with the staff of Ambassador Forex named Akol Mawut Malual who positively spoke on behalf of the company. He spoke well not like the Dahabshiil management who claimed that it was unethical to talk to staff of the company and that the manager was only authorized to speak to the media.

The main purpose for the government to undertake the release of the dollars in the local market was to cushion down the abnormal hikes that have affected prices of basic commodities frequently blamed on black marketers.

The governor of Central Bank said in his first press conference following his recent appointment into office that, he would prioritize updating the public through the media with every single step the institution wanted to make in revamping the country’s economy.

It was a preference of the Central Bank to announce to bidders from Forex Bureaus the exchange rates that can be regulated in view of subsidizing the market prices. It will be ill-fated if the 50 forexes requested to apply are soon declared to have failed the criteria or failed to qualify for the bid.

In press statement from the Bank of South Sudan, it admitted that BSS re-introduced Foreign Exchange Auctions on the backdrop of the rapid depreciation of the South Sudanese Pound (SSP) and high inflation. This monetary policy tool among other policy instrument implementations has proven success in the past while addressing the economic shocks brought about by the low international oil prices.

In light of the above, the statement said the article published by Juba Monitor on the 20th of January 2021 was extremely misleading and lacked the undertaking of the objectives of why the Bank of South Sudan engaged in Foreign Exchange Auction.

The objective of this tightened monetary policy stance was to withdraw the excess liquidity from the market, and in return harmonize the difference in exchange rates, while stabilizing the market prices. Therefore, the impression carried by some Forex Bureaus that the FX Auctions are intended for maximizing the profits of Forex Bureaus are absolutely false.

We left it here for the readers to judge and find the core truth on this counter–accusation by these institutions directed to Juba Monitor of misleading the public. Who is misleading who here?

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