CES Governor slaps ban on illegal FX trading in Juba

Unidentified Forex Exchange dealer counts his MONEY (SSP) in Juba |Photo:File

October 18, 2020 (Thessherald)–In the face of the current economic crisis, the Governor of Central Equatoria State, Emmanuel Adil Anthony, has imposed a strict ban on all forms of illegal forex exchange trading (FX) in Juba, with immediate effect.

In a Gubernatorial Order dated October 16, 2020 AD, the Governor had instructed law enforcement agencies to enforce the order accordingly.

“Govermment of Central Equatoria State Gubernatorial Order No.14/2020 to Ban Operation of illegal Dealers in Foreign Currency in Central Equatoria State, 2020 AD Title and Commencement This Order shall be cited as Gubernatorial Order No.14/2020 for banning operation of illegal dealers in foreign currency in Central Equatoria State and shall come into force on the date of its signature by the Governor.”

“The Order In exercise of powers conferred upon me by the Republican Decree No. 51/2020, read together with Article 99(2)(L) of Transitional Constitution of Central Equatoria State, 2012 (as amended). 1, Emmanuel Adil Anthony Wani, Governor of Central Equatoria State do hereby issue this Gubernatorial Order for banning operation of illegal dealers in foreign currency in Central Equatoria State with effect from the day of issuing this order as hereunder.”

The state government issued the following orders which must be strictly adhered to.

1. Banning operation of all illegal dealers in foreign currency who are operating without authorization from concerned authorities.

2. These illegal dealers comprise those operating alongside roads, or inside shops with no license of operation.

3. Anybody who violates this Order shall be punished according to Councils by-Laws.

4. All Law Enforcement Agencies concerned are directed to implement this order with immediate effect.

South Sudan continues to face a dire humanitarian crisis and economic collapse as a direct result of the conflict that has driven millions of people from their homes.

Regional experts and economists believe that if the parties make significant progress in implementing the peace deal in good faith, it could certainly lead to a positive economic outlook.

Central Bank to inject liquidity into market to stabilize the economy

President Salva Kiir Mayardit meets the Council of Ministers in Juba on Wednesday, October 14, 2020 |Photo: PPU

Oct 15, 2020 (Thessherald)–As the country faces a bleak year of an economy collapse, the South Sudanese government has announced to inject millions of dollars into the financial market in an effort to boost the faltering economy.

South Sudan’s President Salva Kiir Mayardit and the Council of Ministers held an emergency meeting on Wednesday on the recent sharp depreciation of the South Sudanese pound against the US dollar on the black market.

In an official statement after the meeting, the President’s office unveiled that the government is in the process of securing sufficient loans and pumping millions of dollars into the market to help the economy gain momentum.

“President Salva Kiir and the government is in a final process of acquiring a loan that will be injected in the market to stabilize the currency rates. In addition, the Council of Ministers meeting also agreed to divert and inject the oil money into the market to help in the stabilisation of the market,” the Presidency announced on Wednesday.

South Sudan, after ending its conflict, has once again plunged into an economic crisis aggravated by poor monetary policies and corruption among senior government officials.

South Sudan’s government heavily relies on oil revenues

South Sudan is currently one of the most oil-dependent countries in the world with oil revenues accounting for 95% of government revenues.

Earlier this month, the country appointed a Tanzanian national, Dr. Patrick Mugoya as Commissioner-General of the National Revenue Authority, hoping to formulate an effective financial management system.

This was the second time that a regional economic expert has been assigned to oversee the country’s vital financial institution.

Reported by Buay Kapduel