South Sudan issues new rules on sale of US dollars

November 29, 2014 (JUBA) – South Sudan’s Central Bank has issued a new order banning sale of dollars in the black market as consumer prices rise across the country.

Kornelio Koriom, South Sudan’s Central Bank Governor addresses journalists in Juba, 11 September 2012 (ST)

The order, which took effect from Thursday, restricts the sale of hard currency at foreign exchange bureaus, stressing that dollars only be provided to companies or individuals requiring medical treatment abroad, intending to pay school fees, fund foreign travels or support families outside the country.

Genuine documents, the order says, must be produced to support demands for dollars.

The Central Bank Governor Kornelio Mayik, said that companies, organisations and individuals are now banned from buying or selling hard currencies in a parallel or black market and that any involvement in the practice contravenes the law.

Dollar transactions, he said, must only be in bulks of at least $2,000, but did not elaborate further.

A dollar at the Central Bank rate trades at 2.96 South Sudanese Pounds (SSP) while the commercial rate is about 3.16 SSP. In the black market, one could buy a dollar at over 5.0 SSP.

(ST)