Commercial banks asked to report on sale of forex

South Sudan’s central bank has Friday asked commercial banks in the country to produce written reports on how they have used dollars that they bought from the central bank at the previous foreign exchange auction.

South Sudan’s central bank has Friday asked commercial banks in the country to produce written reports on how they have used dollars that they bought from the central bank at the previous foreign exchange auction.

Bank Governor Kornelio Koriom Mayik said following a meeting with commercial banks that the central bank scheduled another auction in the coming week but needed the reports from the commercial banks for evaluation.

“We called the managing directors of commercial banks in order to review the last situation and to assure them that there is another auction which is planned for the coming week,” he said. “The auction is going to take place but before it takes place we also told them that we should first want know what happen to the previous sixty million which was auctioned and went to commercial banks.”

“Why are we not seeing the results? And we want them to produce documents to show what they have done in the market,” he said.

He even suggested that the central bank might publish in the press the names of business people who purchased large quantities of dollars so that the public will be able to question what they have done with these dollars.

He did not say how much dollar to be sold out in the next auction, saying the amount will be said when the time is due.