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Central Bank plans to buy hard currency from NGOs

The Central Bank is planning to buy hard currency from international NGOs in the country to import essential commodities.

This, according to the Central Bank first deputy governor, will help reduce the prices of food items.

Last year, the central bank issued a circular to all the commercial banks to clarify any transactions that are above $10,000.

Dier Tong Ngor said it was to control and limit the circulation of hard currency in the country.

“The policy that we introduced last year regarding the special account is a very important policy,” he told the media in Juba Wednesday.

“We wanted to use it so that the government can buy more foreign currency from the NGOs, international NGOs in particular and the UN organizations.”

Mr Dier added that the central bank has also directed commercial banks not to support exchange trading.

“Financing foreign exchange trading can increase money supply. It can put more money in the hands of the public,” he added.

In January last year, the Governor of Central Bank, Dr. Othom Rago Ajak, said the institution will address issues related to system within the central bank as well as the commercial banks.

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