The Bank of South Sudan in a press release on Friday says it has adopted measures to take action in Forex market with a monetary policy to strengthen a weaking pound.

Bank’s Governor, Dr. James Alic, who issued the statement says central bank has mobilized a enough Forex resources to immediately intervene in the market.

“The Bank has taken proactive measures and mobilized sufficient FX resources to intervene in the market with immediate effect,” reads part of the statement.

“The Bank has also adopted measures to intervene in the FX market with a monetary policy rate that strengthens South Sudan pound through a weekly auction of FX at a revised Bank’s reference rate,” it adds.

The bank decision comes as inflation has piled serious pressure on the economy with pound trading very low against foreign currencies both in the banks and in black markets.

The exchange rate in central bank stands at 1603 per dollar against pounds when selling, while 1556 per dollar against pounds when buying on Thursday.

However, in the bank markets around Juba streets and private Forex bureau 1 dollar trades at around 220 South Sudanese pounds as of Thursday, but on Friday it has reduced to around 190 in black markets.

Prices of commodities in the markets and fuels have shot up highly as a result of un ending inflation meanwhile government employees have stayed more than four months without receiving their salaries.

On Thursday, the Ministry of Finance announced release of one month salary in the coming weeks while the rest will follow.

The bank of South Sudan on the hand says it has adopted necessary measures to promote transparency, enhance liquidity, and maintain a fair and an orderly market environment including regulatory oversight.