Moses Makur, Central Bank Governor speaking to media in Juba - Photo: Lou Nelson/Eye Radio - 11th Jan. 2022.

The Central Bank has auctioned nearly 50 million US dollars to forex bureaus and commercial banks in the month of July, as a measure to stabilize the skyrocketing exchange rate.

According to the data published on the official website of the bank, the daily and weekly auctions in the last 28 days amount to 47 million US dollars.

The hard currency from the bank reserve were retailed in eight segments, with the highest single auction at 8 million US dollars, and the lowest at 3 million in the US currency.

Meanwhile, the Bank data also showed a steady inflation in the exchange rate, with one US dollar selling at 637 SSP as of yesterday, a figure that’s up from 512 SSP per a dollar as of the 4^th July.

The continuous depreciation of the local currency, blamed on factors such as the conflict and current global economic crisis, has also resulted in rising commodity prices in the markets.

Early this week, traders in the Konyo-konyo market lamented the fluctuating dollar rate, which they say has affected the prices of goods.

Last month, Central Bank Governor Moses Makur Deng availed his plans to continuously auction the hard currency in the market in order to contain inflation.

Makur Deng told the media in Juba, the government is determined to fight back the economic downturns by auctioning the dollar currency until the exchange goes back to normal.

“We are ready even to increase it further to 20 million dollars a week to make sure that the dollar must come down,” Makur said in June.

Economists have criticized the policy, saying it only benefits foreign commercial banks and Forex bureaus.