Dr. James Alic Garang, the Governor of the Central Bank of South Sudan Juba. December 17, 2023. (Photo: Madrama James/Eye Radio)

The Governor of the Bank of South Sudan has announced a series of measures aimed at stabilizing the foreign exchange market amidst recent fluctuations.

The institution reaffirmed its commitment to ensuring price stability and efficiency in the market while acknowledging the impact of exchange rate movements on prices.

The bank stated it will intervene in the foreign exchange market by conducting weekly auctions of foreign currency at a revised bank rate, aiming to strengthen the South Sudanese Pound

In a press release issued by Governor Dr James Alic Garang, he announced plans to deploy countermeasures to stabilize the exchange rate by supplying additional resources to alleviate pressure on the external sector and balance of payments.

Alic Garang says the bank will intensify term deposit monetary operations to smooth market liquidity, money supply, and demand.

He pointed out that they will adhere to broad money targets of 11 percentage points while monitoring and anchoring inflation expectations.

The Governor says he will continue to take necessary measures to promote transparency, enhance liquidity, and maintain a fair and orderly market environment.

Other measures are to engage other stakeholders and development partners to support efforts aimed at fostering a resilient and competitive foreign exchange market for sustainable economic development.

He assured the public of its unwavering commitment to its mandate of ensuring price stability and a sound financial system in the country.

These measures come at a crucial time as South Sudan strives to mitigate the economic challenges posed by recent fluctuations in the foreign exchange market.