South Sudan unveils measure to deal with inflation
The Central Bank of South Sudan says it will auction $5m (£3.6m) to commercial banks and foreign-exchange bureaus every week in order to bring down high prices of basic commodities.
The citizens of the country have been complaining about skyrocketing prices, which economists attribute to the disruption caused by the Covid-19 pandemic.
The first auction was conducted on Tuesday morning in the capital, Juba, with 22 commercial banks participating.
Twenty banks managed to access foreign-exchange resources at various rates based on the bids they submitted.
“These resources will provide our traders and clients of commercial banks with the necessary foreign exchange resources that they need – these resources also will help our business people to bring in essential commodities to South Sudan,” Dier Tong Ngor, the bank’s governor, told reporters.