The central bank of South Sudan has taken steps to regulate the parallel foreign exchange market by ordering unauthorized currency traders to gather in designated areas in the capital city of Juba [5366e9e8]. This move is part of the government's plan to curb speculation in the South Sudanese pound, which has experienced a significant depreciation this year, losing about a third of its value [5366e9e8]. The traders will form associations and await further instructions on obtaining licenses, while the city council and law enforcement agencies will ensure compliance with the new directive [5366e9e8]. In the long term, currency traders will be required to obtain permits, issue receipts, and pay taxes [5366e9e8].
South Sudan's economy has been severely affected by conflict, the coronavirus pandemic, and floods, prompting the government to implement a series of reforms to rebuild the economy [5366e9e8]. As part of these efforts, the central bank plans to auction Treasury bills in the coming weeks, marking the third attempt to use government-funding instruments since the country's independence [5366e9e8]. Previous attempts failed due to inflation and a lack of a secondary market [5366e9e8].
The measures taken by the central bank aim to bring stability to the South Sudanese pound and create a more regulated foreign exchange market [5366e9e8]. By requiring currency traders to gather in designated areas and obtain licenses, the government hopes to curb speculation and ensure transparency in currency transactions [5366e9e8]. The long-term goal is to establish a system where currency traders operate within the legal framework, issue receipts, and contribute to the country's tax revenue [5366e9e8].
In addition to the measures taken to regulate the foreign exchange market, the South Sudanese government is also implementing measures to stabilize the gold market. The State Bank of Vietnam (SBV) has been directed by the government to urgently inspect and supervise the gold market [9b6e0991]. The aim is to ensure the stability and safety of the gold market, limit the 'goldisation' of the economy, and ensure national financial and monetary security [9b6e0991]. The SBV will coordinate with relevant agencies to implement tasks and solutions to manage and stabilize the gold market [9b6e0991].
To achieve these goals, the Prime Minister has requested the SBV to reassess Decree 24/2012/NĐ-CP, which governs the management of gold import and export activities, and propose necessary changes to adapt to the current state of the gold market [9b6e0991]. Experts suggest that the decree should be amended to align supply and demand, narrow the gap between domestic and international gold prices, and prevent smuggling and speculation in the gold market [9b6e0991].
The implementation of these measures in both the foreign exchange and gold markets will be closely monitored by economists and analysts, as they play a crucial role in the country's economic recovery and rebuilding efforts [5366e9e8] [9b6e0991].
Meanwhile, the central bank of Vietnam is planning to intervene in the foreign exchange market to stabilize the country's currency, the Vietnamese dong, which has been experiencing volatility [6af2cc29]. The central bank will use its foreign exchange reserves to buy and sell currencies in order to influence the exchange rate [6af2cc29]. This decision comes as Vietnam's economy faces challenges due to the COVID-19 pandemic and global economic uncertainties [6af2cc29]. The central bank's intervention is expected to help maintain stability in the foreign exchange market and support the country's economic recovery [6af2cc29].
In the Philippines, the Bangko Sentral ng Pilipinas (BSP) has expressed support for the eTravel Customs System but reminded the public about the rules on cross-border transfer of currencies [85f90d8f]. Under Section of the Manual of Regulations on Foreign Exchange Transactions, any person who brings into or takes out of the Philippines foreign currency, in excess of USD10,000 or its equivalent in other foreign currencies is required to declare the whole amount brought into or taken out of the Philippines using the e-CDF [85f90d8f]. The BSP allows cross-border transfer of local currency in excess of the limit only for specific purposes [85f90d8f]. Travelers are urged to comply with these requirements for seamless international travel clearance [85f90d8f].