MPs Revoke Central Bank’s Decision On Foreign Exchange

This article was last updated on May 25, 2022

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The revocation came after the parliament summoned the Governor to explain how he arrived to the decision and calling for immediate stoppage of implementation.

Koryom however, could not make any explanation, saying the Minister of Finance who is not in the country should first be present since they have co-relating monetary policies.

“I listened closely and respect your decision. Because this is the will of the people, we [Central Bank] shall immediately revoke the decision,” Koryom told the parliamentarians who all got up applauding his response.

“Secondly, I and the Minister of Finance will appear here [parliament] next Monday,” Koryom said.

Last Monday Koryom issued a circular that raised the usual official rate of the South Sudanese Pounds against all the other international currencies.

For example a US Dollar is exchanged at 4.5 South Sudanese Pounds previously the black market rate – opposed to previous 3.8 South Sudanese Pounds.

Koryom explained that, the move was aimed at preventing rent-seeking behavior and reduces the violation of regulations by market players, developing the economy and encouraging foreign investment and job creation in the country.

However, the move created a wider outcry.

Other imported commodities have started running out of stock following the devaluation.

Fuel is now out of stock in the capital though consumers presume sellers pretend that there is no fuel, saying it is a move aimed at hiking the prices of the fuel.

Parliamentarians were furious during the debate this morning and were protesting against any move that would block their attempt to sort out the issue. 

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