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South Sudan Central Bank vows to stabilize dollar price

President Kiir receives the governor of the South Sudan Central Bank Dier Tong Ngor on 27 July 2018 (ST Photo)

July 27, 2018 (JUBA) - The Governor of the Bank of South Sudan Saturday briefed President Salva Kiir about the financial measures the central bank stabilize the pound vs U.S. dollar and rein in consumer prices as the war-ravaged country import all the commodities.

Flowing the meeting, Dier Tong Ngor who was appointed last May stated he briefed the President about the drastic measure that led the South Sudanese pound’s recent rally against the U.S. Dollar.

The U.S. dollar current exchange rate is at 150 South Sudanese pounds. Last month it was at 250 pounds in the parallel market.

Dier reiterates that Central Bank Administration will make sure the U.S. dollar’s decline continues in the local market so that the prices of basic commodities be stabilized in the interest of citizen.

Also, Dier briefed Kiir on the Electronic Currency which the central bank plans to implement in association with the commercial banks and mobile companies.

Last May, President Salva Kiir fired the former central bank’s governor over his failure to rein in consumer prices that almost tripled last year.

Economists in Juba say that the rise in oil price and the expected increase of oil production after the end of war will improve the health of the South Sudanese economy. But they call to develop agriculture projects and small industries to end the country’s dependence on imported commodities.

(ST)