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PICTORIAL: Hon. Governor Moses Makur Deng, during interview on SSBC radio.

PICTORIAL: Hon. Governor Moses Makur Deng, during interview on SSBC radio.

Monday, June 20, 2022.

Governor of South Sudan’s Central Bank vows to stabilise foreign exchange market

By Majok Nikodemo:

Juba, June 20, 2022: Central Bank’s governor has said, he is striving tirelessly to stabilise the market by injecting more money through foreign exchange auctions being held by the bank twice a week. Hon. Moses Makur Deng, was speaking in a live interview on SSBC radio on Monday.

Responding to a query on soaring US dollar price against SSP, he noted, “We shall do what it takes to keep speculators at bay as we fight parallel market to stabilise SSP at 400 against US dollar.”

Regarding spiralling inflation, the governor said that there were many factors including multiple taxes and hike in prices of the refined petroleum products, noting that the Russian – Ukrainian war was not the main cause of high commodity prices in South Sudan. ‘’We export the oil only but import almost everything.”

About the current economic reforms, Mr. Deng said the Central Bank and the Ministry of Finance work in tandem, with continued support from IMF and World Bank, to improve the country’s macroeconomics.

On the Horn of Africa Initiative, joined recently by South Sudan, the governor said the initiative would benefit South Sudan in terms of infrastructure. “The initiative is supported by EU to help the region, with the most rudimentary infrastructure, to build the- state-of-art infrastructure. In this case South Sudan will reap benefits.’’

Regarding re-opening of the borders between South Sudan and Sudan, Mr. Deng underscored that the two countries would exchange goods, and as a result would reap mutual benefits.

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