MPs Call On Central Bank To Regulate Hard Currency

This article was last updated on April 16, 2022

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House noted concern that the rampant dealings in hard currency in the black market will negatively affect the country’s economy. The members called on the Central Bank of South Sudan (BOSS) to lay down policies regulating the price of the Dollar in the market and in Commercial Banks, while calling on the executive organs to balance the exchange rates with the ministry of finances.

Hon. Onyoti Adigo Nyikwac, Leader of Minority Group in the Assembly, called on the Central Bank to present a viable work plan, with the purpose of monitoring the dealings with the dollar, to the Assembly for approval.  Hon. Adigo also called upon the Central Bank to review the Banks’ Accounts through the National Audit Chamber.

The Assembly has referred the issue to the Economic and the Finance Committee of the house to enable its review in collaboration with Public Accounts Committee, with the findings to be presented to the Assembly within one week.

Dr. Festo Kumba, a member of the National Assembly representing Iso County, said there is a huge gap between the official bank rate and the black market rate. Dr Kumba added that “the huge gaps affect the national economy. Where two exchange rates exist within the same country, the national economy loses on not only through export and import trades but also on foreign currency brought in by foreign agencies, diplomats and investors. The country also loses on hard currency brought in by citizens living and working in the Diaspora.” 

The Members of Parliament have summoned the minister of Interior, Minister of Finance and the Governor of Central Bank of South Sudan to explain the existence of the two foreign exchange rates in the Country.

The Assembly also asked the two committees to bring to parliament the number of Foreign Exchange Bureauxexisting in the country and how much has the Central Bank injected daily or weekly through these forex bureaux. The two committees are expected to get down to work and present it to the parliament within a week.