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Central Bank unveils plans to fix economy, rising dollar rate

The Central Bank of South Sudan is rolling out a comprehensive strategy to tackle economic woes amidst a surge in the dollar rate, emphasizing enhanced measures to stabilize the market and alleviate inflation pressures

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On Monday, the Central Bank of South Sudan announced a prolonged approach to address the country’s economic challenges.

The Central Bank Governor, Dr. James Alic Garang, revealed in a statement that measures have been intensified to stabilise the economy.


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These measures include the weekly auctioning of foreign currency at revised bank rates, additional supply of resources to ease pressure on the external sector, and promoting transparency to maintain a fair and orderly market, among the measures the monetary institution has implemented to avert runaway inflation.

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“The Bank of South Sudan (BOSS) is closely monitoring the recent developments in the foreign exchange market and remains committed to ensuring price stability and efficiency in the market,” the statement reads in part.

The Central Bank Governor also affirms the high Exchange rate in the market and its impact on the prices of commodities.

He said, “We are aware of the recent fluctuations in the exchange rate and its impact on the prices. The Bank has, therefore, considered and approved measures to control the Foreign Exchange Markets.”

Dr Alic promised to engage with other stakeholders and development partners to support efforts to foster resilience and a competitive Foreign Exchange market for sustainable economic development.

According to the Central Bank exchange rates for this Tuesday, 100 U$D trades at 128,900 SSP; meanwhile, the same 100 U$D sells at 145,000 SSP on the black market.

However, the Central Bank Governor did not disclose the amount The Central Bank will auction weekly.

This is not the first time the Central Bank has taken such a step; in July 2023, the Bank also auctioned up to 10 billion South Sudanese Pounds weekly, but some Economists have criticised it, citing that the impact of auctioning will be only a short-term solution to the economic crisis.

Dr. James Alic Garang was appointed in October last year through a Republican Decree by President Kiir, replacing Johnny Ohisa Damian.

During his appointment, the Foreign Exchange rate traded little above 100,000 SSP for 100 U$D.

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