The Bank of South Sudan Offices in Juba. (Courtesy).

The Bank of South Sudan has directed licensed Forex bureaus and commercial banks to openly display their daily exchange rates from pounds to foreign currency.

In a statement on Friday, the Central Bank said the directive is to enable the public to deal with authorized dealers, instead of risking with “unreliable umbrella and streets dealers.”

Recently, the South Sudanese pounds started losing value against the United States dollars.

From February 10, 2023, the Central Bank exchanged one US dollar at SSP 776, but in the commercial banks and black market, a dollar sold at more than SSP 800.

The Bank has blamed the inflation on the raising of interest rates by the US Federal Reserve, rising prices of essential commodities imported from the international market and speculations.

In a move to curb the rising inflation, the Bank has enforced its recent directive to suspend the “illegal” use of foreign currency for domestic payments in the country.

It has directed that all transactions in hotels, restaurants, travel and the import sector to be executed in the local currency.

“To relief the pressure on demand for dollars, we strongly reiterate our commitment to enforce the SSP as the only legal tender in the Republic of South Sudan.”

The Bank further said it is monitoring developments in the foreign exchange market and may intervene with hard currency auction when necessary.