Juba dollar restrictions to stay as pressure mounts for reforms
Most transactions in the country were initially carried out in the US dollar largely due to hyperinflation and the volatility of the local currency. PHOTO | COURTESY
The Bank of South Sudan (BoSS) is working towards tightening restrictions on the use of the US dollar in the economy to stem capital outflows and shore up the dilapidated forex reserves that have fallen below one month of imports cover.
The East African Community (EAC) convergence criteria require regional central banks to maintain a minimum of 4.5 months of import cover as part of the preconditions for the implementation of a regional single currency regime.
