South Sudan’s Central Bank to be investigated over black market forex dealings
By Ngor Arol Garang
October 22, 2011 (JUBA) – South Sudan’s government has ordered an investigation into suspected black market foreign currency trading by employees at its Central Bank, as inflation and the price of basic goods continues to increase in the fledgling country.
He said his ministry has asked South Sudan’s security services to investigate all businesses involved in foreign exchange including banks, insurance companies and exchange bureaus.
“We have ordered them to be placed, or be incorporated into the central bank, because it looks like there is connivance between some staff of the central bank and these mobile bureau exchange owners operating on the street,” the minister explained.
The senior official’s statement comes after the National Bureau of Statistics on 18 October released an analytical report revealing an inflation rate at 61.5% in September, up from 57.1% in August.
Yol said the government would employ detectives to conduct “thorough” and “tactical” investigations to bring to light this “invisible group” involved in illegal foreign exchange and currency speculation.
The week more than 20 people were arrested for involvement in illegal money changing, the government has said.
Prices of basic commodities in country have tripled prompting president Kiir on Friday to issue a presidential decree forming a economic and security monitoring committee.
The committee includes five ministers: Garang Diing Akuong, minister of commerce, industry and investment; Stephen Dhieu Dau, minister of petroleum and mining; Kosti Manibe minister of finance; Deng Alor Kuol, minister of cabinet affairs; Nhial Deng Nhial, minister of foreign affairs and international cooperation.
President Kiir also established a security committee, which includes Gen John Kong, minister of defense and veteran affairs, Gen Alison Manani Magaya, minister of internal affairs, and Gen James Hoth, the Chief of General Staff for South Sudan’s army (SPLA). The term of the references include identifying, analysing and evaluating issues pertaining to security and economics. They are to report their findings to the president within three weeks.
As part of the government’s effort to address soaring food prices, the central bank last week also announced a weekly injection of $200 million into financial establishments including the foreign exchange market in the capital Juba.
However, the deputy minister observed that this would only be effective if security agencies are able to prevent illegal speculators from profiting on the black market.
“If no safety nets are out in place, it will be like pouring water into a bottomless hole, so we have to safeguard against more leakages in the currency market,” he said.
He attributed the increase in food prices to closure of border trade between South Sudan and Sudan after fighting erupted between government forces and rebels in Sudan’s border states of Southern Kordofan and Blue Nile.
He also blamed illegal checkpoints within South Sudan which demand payments on imports from the neighbouring Uganda, where most food items are imported from.
The ministry of internal affairs in collaboration with the ministry of finance this month, however, announced it was acting to close the illegal roadblocks.
(ST)
Obol Sam Gabriel
South Sudan’s Central Bank to be investigated over black market forex dealings
Well,let us see because we are the watch dogs .And it’s true that those people working in the bank are the course root of the problem facing our citizen.they are givng hard currency out to black market because of the high price compare to the exchange rate in the bank.And they don’t know that those who will suffer most are the poor people who wake up early going to the bush to collect firewood.
Obol Sam Gabriel
South Sudan’s Central Bank to be investigated over black market forex dealings
Continuation to my above comment,you will find that without anything to eat just carrying the wood do footing to the market selling the firewood and buying a kilo of posho at 5pounds and some time the money will not be enough to buy posho and they will go without food.So you imagine! what is all this for while we have people at the government level who can think much better to bring all this probl
Abyei Soil
South Sudan’s Central Bank to be investigated over black market forex dealings
South Sudan Central bank’s Governor should be very careful with the economic of the new nation. Several people are grouping up somewhere to stills the public through central bank. I am fearing and was expecting this to be in the news one day the way I saw black market dealers in dollars exchange is alarming.
Obach Othou
South Sudan’s Central Bank to be investigated over black market forex dealings
My compatriots of South Sudan this is another virus which is affecting our country, the central bank officials are corrupt and these people exchanging money on the streets are their agents and the dangerous part is that, the agents are also linked to those of fake dollars. our central bank gives dollars to forex and they take them on transit to black market.
Obach Othou
South Sudan’s Central Bank to be investigated over black market forex dealings
before we became a country, the banks don’t allow the security officers attached to the central bank to know anything about any transaction in the bank. also the forex bureaus are foreign companies and they denied any information to our security and central bank officials gets percentages from this forexs and they don’t care of anything as long as they are getting their interests.
Obach Othou
South Sudan’s Central Bank to be investigated over black market forex dealings
Ctrl Bank denied dollars for official use such that they go and buy from their black market. I appeal to our gov’t to let our security economic sector practise their duty the central bank and all the forex bureaus to identify this corrupts elements within our bank systems such that this viruses is kill before it destroy our economy.
whatsayyou
South Sudan’s Central Bank to be investigated over black market forex dealings
My Dear Employees of the bank.
please if you get that richness alone you will not succeed anything so remember only solutoin is the bank to get serious if you the bank workers to continue doing such then this condition of south sudan will never end.
Longa
South Sudan’s Central Bank to be investigated over black market forex dealings
Compatriots, there are people currently in South Sudan who do not have single heart for the people of South Sudan. Indeed there are corrupt officials in the Central Bank of South Sudan and mind you, those officials may have connections with higher sensitive officials in government who are either relatives or friends. Let us see whether those committees will work.
Lorolokin
South Sudan’s Central Bank to be investigated over black market forex dealings
This trading is been going on for more than five years , and the government is seeing those innocent kids selling Dollars and Ugandan shillings in the market like Tomato and Onions no one intervent to stop it and yet they complain of corruption, what the hell is this government doing , shame on you Mr president and your surrounding.
Even if the investigation take place nothing will materialize
Obach Othou
South Sudan’s Central Bank to be investigated over black market forex dealings
The President has already directive all the people concern to do their job and it’s anti corruption or other law enforcement agents to prevent this mess but not him to come down to practice their duties. Let stop pointing finger on the president leaving people to blame.
Obol Sam Gabriel
South Sudan’s Central Bank to be investigated over black market forex dealings
Well,it’s true that Mr. President had done his part but those hungry hyena’s in Central Bank will not comply with it since that is their nature.I wonder if the Central Bank injects $200 million everyweek,South-Sudan would have not yield for dollars raise.It’s true that our problem is the people working in Central Bank.But soon they will get chronic cursed by the almighty father.
Longa
South Sudan’s Central Bank to be investigated over black market forex dealings
No need to defend the president. He is elected by us. So we have the right to say Mr President, your government is going wrong. For instance, if your child is going wrong is you that people blame because you fail to discipline. The biggest blame usually goes to the president and this is how democracy works. In the West officials resign because of mistakes made by others that affect his/her work.
LT Gen Madut
South Sudan’s Central Bank to be investigated over black market forex dealings
OMG they already start looting $$$$$!!!!!!????It’s hard to believe that the governor of central bank of south Sudan is not aware of what going on the bank Windows!!!don’t forget he is the same guy who brought down Ivery bank!!!on the other hand his son inlaw is running foreign exchange centre some where in Juba…so now the question is …what was the wisdom behind his appointment???!!!
SSLA supporter
South Sudan’s Central Bank to be investigated over black market forex dealings
RoSS is a corrupted country run by corrupt ex-rebel and thugs collectively known as SPLA/M.
Without any doubt, those that are trading with dollars in that corrupt South Sudan Bank are all SPLA Generals, simply because they have access to the public funds.
Plus, what sense it makes to form an investigating security committee from those corrupt Ministers and Generals of SPLM/A??
Albino James
South Sudan’s Central Bank to be investigated over black market forex dealings
@SSLA Supporter, can you follow the line of debate then jumping, the discussion is about the CTRL Bank and there is no single SPLA General working in the CTRL Bank. I know you are mad about SPLA because of destroying the so-call SSLA who were fighting without objective. this is not where you can fight SPLA. P’se go on ground or round table to talk. be gentle and read all the article before jumping
Obach Othou
South Sudan’s Central Bank to be investigated over black market forex dealings
@Albino, you have really made a point, there is no need for diverting from the topic, if he knows anything about SPLA let him bring up and we talk about it. am a supporter of SPLM-DC and we must admit the truth that the freedom southerners are enjoying would have not come without SPLA which became bad now to you. Keep away SPLA from this debate.
Paul Chadrack
South Sudan’s Central Bank to be investigated over black market forex dealings
south sudan became a fell state, as was predicted early by the international community. unable government with inexperience president contributed to all this mess.black market is even polishing with the monies they get from forexes and bank of south sudan corrupt staffs, imagine every staff in Bank of south sudan have got a relative who own a forex including the former bank governor Elijah Malok.
Obach Othou
South Sudan’s Central Bank to be investigated over black market forex dealings
@paul, you must be having hangover of other prblms otherwise you can’t just say that South Sudan is a failing state, as long as you are a southerner, being a failing state will not benefit you. I guess you are not a southern sudanese. millions of south sudanese that sacrifice their lives are watching and they will judge all of us otherwise, it is not a matter of knowing how to write on the nets.
SSLA supporter
South Sudan’s Central Bank to be investigated over black market forex dealings
Albino James!!
The debate is about corruption in the so-called Bank of South Sudan and my comment based on that. No one is mad about your weak and amateur Militia called SPLA that is being destroyed by the Sudan Armed Forces and the SSLA army of God! The captured military humours of your defeated SPLA militia in Southern Blue Nile were displayed on Sudan Tv last month, disgraceful isn’t?
SSLA supporter
South Sudan’s Central Bank to be investigated over black market forex dealings
Obach Othou!!
Paul is absolutely right; southern Sudan is a failed state; simply because it is being run by ex-rebels that know only looting that they have been practising since their bleak era in the jungles of southern Sudan! Tell me which major city was ever captured by SPLA during their wasted 21 years in the insurgency? Enjoy your recent surrender to SPLA/M but keep your mouth shut please!
Obach Othou
South Sudan’s Central Bank to be investigated over black market forex dealings
Shame on you, South Sudan is not a failed state and will never be Mr Slave of arab in Khartoum, I know this reckless comments you are being paid for. beware that those people which were shown on TV were not capture in the battle but were arrested very far from the battle area. it’s amazing to see a Southerner who is not informed of what was going on in his own country. what about Torit, Kapoeta,
Obach Othou
South Sudan’s Central Bank to be investigated over black market forex dealings
Continuation: Kajokeji, kaya, morobo, yei, maridi, tumbura, yambio, nzara, Bor rumbek, tonj, yirol, warap, gogrial and our contentions Mugiri, Bussry,Mile40 otherwise I just mention this few. we stayed in this towns they were not given as a gift but captured by forced. shut your mouth if you don’t have idea about SPLA.many prisoners from SAF were handed to ICRC by SPLA and the world knows that.
Paul Chadrack
South Sudan’s Central Bank to be investigated over black market forex dealings
mr Obach,
if you’re among those that are looting the resources of south sudan plse don’t show yourself, your days are numbered. i am a real southerner who had participated in the war of liberation. this new state is now ejected by SPLM thugs in the name of i fought, south sudan is a failed state and we can not deny it, it is happening in our own eyes
SSLA supporter
South Sudan’s Central Bank to be investigated over black market forex dealings
Obach Othou!
Who is going take Lam Akol and his surrendered SPLM-DC seriously after years of slavery and betrayal of southern Sudanese cause in Khartoum? Back stabbers and Traitors like you have no room in south Sudan politics, let this message get through your retarded brain!
SSLA supporter
South Sudan’s Central Bank to be investigated over black market forex dealings
Othou
plus, I didn’t ask you to list all the remote villages of southern Sudan that SPLA militia used to make noise of having liberated, but to name major or key cities like Wau, Malakal, Bantiu Juba etc!! read through the lines or shut your mouth up if you can’t understand! if you are one of the looters of the public monies, then keep quite because your days are also numbered, hopeless.
SSLA supporter
South Sudan’s Central Bank to be investigated over black market forex dealings
Obach
plus, I didn’t mention any captured SPLA militiamen neither in the battle for Southern Blue Nile nor anywhere else in those regions lost to SAF by the militia but military armours. So, if you are suffering from blurred vision please try to correct that by visiting any local optician for some vision glasses,if you live in the UK I would have recommended you to visit Specsavers opticians!
Lokeji
South Sudan’s Central Bank to be investigated over black market forex dealings
We can’t expect something reasonable to come out of this investigation,it’s just a usual routine of Kiir adminstration.The policy of ejecting $200million per week is just a justification for them to continue their corruption games.for south sudan to get out of this bottle-neck situation, kiir have to employ people who have the required capacites and experiences to change these current thugs.
Lokeji
South Sudan’s Central Bank to be investigated over black market forex dealings
south sudan produces nothing but imports almost 98% of food items from the neigbouring countries and her economy depens entirely on oil export.if a country can’t produce the basic items for domestic use only leave alone exporting it, how do you presumpt the future of this country? for this country to exist, we need to change the current criterior of government employment, we need technocrates.