A committee from South Sudan’s National Legislative Assembly has been formed to carry out investigation into how more than $60 million auctioned by the Central Bank has been used.
This comes after the central bank itself announced it will question commercial banks about how they used dollars that they purchased in the recent auctions.
Agany Deng Kawac, a member of parliament from Aweil East said the parliament has been alarmed by the soaring consumer prices after the government had released more than sixty million dollars to stabilize the pound after the devaluation in December.
According to Agany, the objective of floating the currency was to make it easier for importers to bring in essential commodities such cornmeal, wheat flour, beans, oil, sugar, salt, tea and other basic items.
It was also to strengthen the value of the local currency but it has instead continued to weaken, reaching a record low in less than two after the exchange policy was introduced by finance and central bank officials.
Agany said a parliamentary committee chaired the chairperson of the Economy and Finance Committee, Goch Makuach, has been formed to investigate how the funds have been used.
“The way the markets are behaving these days is becoming a concern to the parliament and as the representatives of the people, we decided to form a committee to investigate what happened to the money which was released by the central bank in form of auctioning some 60 million dollars,” he said.
File photo: Bank Governor Kornelio Koriom Mayik