JUBA- South Sudan's central bank ordered banks on Thursday to start using one foreign exchange rate in order to cut market distortions, seeking to stabilise an economy that is reeling from years of war and the impact of the COVID-19 pandemic.
Commercial banks will be allowed to participate in the central bank's weekly foreign exchange auction where they will be apportioned $3 million, the bank said, adding that it will also introduce reserve money targeting.
(Reporting by Denis Dumo; Writing by Duncan Miriri; Editing by Catherine Evans) ((duncan.miriri@thomsonreuters.com; Tel: +254 20 4991239; Reuters Messaging: duncan.miriri.thomsonreuters.com@reuters.net))
