Home | News    Tuesday 26 January 2021

South Sudan’s Central bank to auction $2m every week: official


January 25, 2020 (JUBA) - The Central Bank of South Sudan will begin auctioning at least $2 million weekly to stabilize the country’s economy, a senior official disclosed.

U.S. dollar notes (Reuters/Athit Perawongmetha Photo)

Speaking to reporters in the capital, Juba on Saturday, the Central Bank governor, Dier Tong said auctioning of hard currency started in December last year in order to stabilise the market during last year’s festive season.

“Every week, we are auctioning $2 million. Those who will win it will have the cash. They are supposed to go and sell it,” he observed.

According to the official, injecting hard currency in to the market will help control the economy of a country largely dependent on oil revenues to fund its annual budgets.

“The [U.S] dollar will come down and if the dollar comes down, it will have an impact on prices that will help the public,” said Tong.

South Sudan’s economy, which relies almost exclusively on oil revenues, has been affected by a drop in global crude prices.

Income from oil accounts for 98 percent of South Sudan’s budget.

In June last year, the Central Bank said it would start buying crude gold from local miners to boost the South Sudanese economy.


Comments on the Sudan Tribune website must abide by the following rules. Contravention of these rules will lead to the user losing their Sudan Tribune account with immediate effect.

- No inciting violence
- No inappropriate or offensive language
- No racism, tribalism or sectarianism
- No inappropriate or derogatory remarks
- No deviation from the topic of the article
- No advertising, spamming or links
- No incomprehensible comments

Due to the unprecedented amount of racist and offensive language on the site, Sudan Tribune tries to vet all comments on the site.

There is now also a limit of 400 words per comment. If you want to express yourself in more detail than this allows, please e-mail your comment as an article to comment@sudantribune.com

Kind regards,

The Sudan Tribune editorial team.

The following ads are provided by Google. SudanTribune has no authority on it.

Sudan Tribune

Promote your Page too

Latest Comments & Analysis

Toward viable future for South Sudan 2021-02-23 06:27:19 A critique of ICG’s Africa Report No. 300, 10 February 2021 Dr Lam Akol The International Crisis Group (ICG) issued its Africa Report No.300 on 10 February 2021. The report attempts to address (...)

18th anniversary of armed struggle in Darfur 2021-02-23 05:21:00 By Mahmoud A. Suleiman This article comes against the backdrop of the equal participation of members belonging to the armed struggle movements from the Darfur region in ministerial positions and (...)

Museveni proposal for political ethnicization in South Sudan is wrong prescription 2021-02-06 07:40:14 By Steve Paterno I just came across a video clip of President Yoweri Museveni of Uganda addressing a delegation of the USA and UK on the situation about South Sudan. The meeting took place (...)


Latest Press Releases

Sudan: Performing arts is not a crime, assaulting women and artists is! 2020-09-20 08:54:28 The Strategic Initiative for Women in the Horn of Africa (SIHA) Sudan is still struggling with militant Islamist ideology KHARTOUM: Central Khartoum Primary Court issued a verdict against five (...)

Civil Society Statement in Response to The Law of Various Amendments 2020-08-14 07:11:00 A Collaborative Civil Society Statement in Response to The Law of Various Amendments (Abolishing and Amending Provisions Restricting Freedom) – Exposing ‘a wolf in sheep’s clothing’ Sudanese women (...)

Remarks by SRF leaders at the Friend of Sudan meeting on peace 2020-08-13 07:58:58 Chairman of the Friends of Sudan Conference, Your Excellency, Minister of Foreign Affairs of the Kingdom of Saudi Arabia, The Prime Minister of Sudan and the participating team from the (...)


Copyright © 2003-2021 SudanTribune - All rights reserved.