BOSS Doubles Forex Allocation The Bank of South Sudan (BOSS) has doubled its foreign exchange allocation to financial institutions in the Republic of South Sudan from the previous allocation of 100 million USD to 200 million USD per month in the wake of ever skyrocketing market prices.15 October 2011 Mr. Kornelio Koriom Mayiik addressing the media today [©Matata Safi]JUBA, 14 October 2011 - The Bank of South Sudan (BOSS) has doubled its foreign exchange allocation to financial institutions in the Republic of South Sudan from the previous allocation of 100 million USD to 200 million USD per month in the wake of ever skyrocketing market prices.
Speaking to the press in his office today, the Governor of the bank Mr. Kornelio Koriom Mayiik said the bank has been monitoring the market prices very closely. He reported that the general market trends indicate that the market rates are skyrocketing hence creating a gap between the official rate of the local currency, the South Sudanese Pounds (SSP) of 2.95 against the US dollar and the market value. Mr. Koriom announced that commercial banks will receive a weekly foreign exchange allocation of 4 million USD from the previous allocation of 2 million USD while the Foreign Exchange Bureaus will receive 400,000 USD from the previous allocation of 200,000 USD. He added that allocation for medical treatment, school fees and travels abroad will increase from 500,000 to 1 million USD. He said by doubling the foreign exchange allocations to financial institutions in consultation with the key players like the ministries of Finance and Economic Planning, and Interior, the bank is confident that the current market trends will change favourably. Mr. Koriom said a recent report from a survey carried out by the bank indicates that there are several factors that greatly contribute to the upward trend in the exchange market. He reported that the rising demand for the US dollars is one of the leading factors. He said there are a number of monetary and fiscal factors that are now being addressed by the bank and the other stakeholder to maintain normalcy in the market. Source: goss.org Edited: Gurtong -- You received this message because you are subscribed to the Google Groups "South Sudan Info - The Kob" group. To post to this group, send email to [email protected]. To unsubscribe from this group, send email to [email protected]. For more options, visit this group at http://groups.google.com/group/SouthSudanKob?hl=en.
