The South Sudanese government announced Wednesday it has stopped all the arrangements which it uses to avail dollars to the commercial banks as part of the efforts to subsidize the exchange rate.

South Sudan's central bank had auctioned dollars to qualified bidders.

“That thing did not work. There were problems. The commercial banks which won the bids did not supply the markets and this is the reason there continues to be difference in exchange rate,” the first undersecretary at the South Sudanese ministry of finance and economic planning said Wednesday.

Salvatore Garang Mabiordit said the government through the ministry of finance and the central bank was exploring other options to control the free fall of the value of South Sudanese pound against other currencies, specifically the United States dollar, since a floating exchange rate policy was announced.

“While the auctioning policy has been stopped, the government is exploring other options. I commend the resilience of our people and for their understanding at this trying moment,” said Garang.