Running Battle in Forex Market Leaves 7 Traders Injured, Funds Confiscated by NSS; INTREPID South Sudan Appeals for Restraint
In a concerning turn of events in the forex exchange market in Juba, 7 traders were left injured and their funds confiscated by the National Security Service (NSS) during a heated confrontation. The incident has prompted a plea for restraint from INTREPID South Sudan, a prominent organization advocating for fair practices in financial markets.
Executive Director of INTREPID South Sudan, Mr. Bol Deng Bol, expressed deep concern over the recent developments, emphasizing the importance of adherence to legal principles in dealing with black market activities.
He stated, “Even as the Government is implementing measures against the black market, I would like to remind the law enforcement agencies involved, including the NSS, of the principle of proportionality while confronting the dealers in the black market.”
Bol further added, “Nobody deserves to be assaulted or manhandled. These agencies should stick to the mandate of arresting for the purpose of investigation by an appropriate institution, but not to be tortured, beaten, or have their properties destroyed. That should stop.”
The call for restraint comes amidst escalating tensions in the forex market, with traders facing risks to both their physical well-being and financial assets.
INTREPID South Sudan’s appeal seeks to ensure that the regulatory actions taken do not result in unnecessary harm to individuals or their property.
According to a recent public announcement, John Richard Ukello, Acting Chairperson of the FX Auction Supervisory Committee at the Bank of South Sudan, disclosed details regarding an upcoming Foreign Exchange Auction.
Mr. Ukello stated, “The Bank of South Sudan is pleased to announce the commencement of a sale of foreign exchange Auctions exclusively targeting commercial Banks and forex Bureaus.”
He further explained that eligible applicants are granted the flexibility to submit bids of their choice during the bidding process. The Auctions are scheduled for Tuesday April 2nd, 2024, for Forex Bureaus, and Thursday April 4th, 2024, for Commercial Banks.
Mr. Ukello highlighted that the entire Auction process will adhere to the regulations stipulated in the Bank of South Sudan Foreign Exchange Auction Rules and Procedures.
As the situation unfolds, stakeholders are closely monitoring the responses from the authorities and the NSS to ensure that due process and respect for human rights are upheld in all enforcement actions within the financial sector.
