The National Legislature on Tuesday exposed mismanagement of Letter of Credits or LCs and Ministry of Finance & Economic Planning’s disrespect for a directive to return them to the Central Bank to allocate hard currency for market prices’ regulation.
Legislation Clusters Chairperson Dengtial Ayuen Koru tells Finance Minister David Deng Athorbei amidst denial of whereabouts of LCs that Letter of Credits worth ten million US Dollars is reportedly in the custody of Alpha and Ivory Banks instead of the Bank of South Sudan or BOSS.
Minister Athorbei says his ministry implemented the handover of LCs to Bank of South Sudan since the legislature gave the directive in the last fiscal year and that the legislators’ deliberation that LCs remains with the Ministry is misleading.
Legislative members including Dengtial Ayuen and Economy Clusters Chairperson Goc Makuac Mayol made reference to Central Bank Governor Kornelio Koriom Mayik’s statement on existence of LCs with private banks identified as Alpha and Ivory.
South Sudan economy continues to worsen with 100 US Dollars selling at 1530 South Sudanese Pounds in the black market; analysts attribute it to mismanagement of Letter of Credits for effecting local and international trade.