Nile River Greatness

Nile River Greatness
Cows grazing in Nile basin land

Tuesday, November 10, 2009



Mr. Samuel Justo, Manager MEX


Mugume D. Rwakaringi, Juba

The General Manager of Mex Mustaqbal Company for Exchange, Mr. Samuel Justo Beitelmal (above) has decried the presence of the “black market” dealers as the major stumbling block to their dealings in the foreign exchange business and money transfer systems, Nile Fortune has reliably established.

In an exclusive interview with the Nile Fortune, Mr. Samuel said that the black marketers (unregistered money changers) sometimes keep a lot of money thereby making it very difficult for the Central Bank; Bank of Southern Sudan (BoSS) to control.

“These people (black marketers) keep a lot of money which would be normally in circulation”, noted a concerned Samuel.

This he explained is also affected by the already presence of many Foreign Rxchange Bureaus and Money transfer Offices in Juba.

“You can’t imagine that we have about 18 registered Forex bureaus and other 3 yet to be approved yet Khartoum the largest the capital city of the entire Sudan also has 18.

He also added that because of the presence of many expatriates in South Sudan also becomes a problem especially when these expatriates are returning back home who demand for a lot of money which may not be available for them.

“These people (expatriates) definitely cannot carry bags of money when they are traveling and they also need to take their money either in their local currencies or the International currency (United States Dollar).

Mr. Samuel Justo however noted that the government of Southern Sudan through the concerned Ministries and BoSS is striving to curb the problem.

This is just a growing economy; I am hopeful that everything will stabilize when South Sudan has gained many local manufacturing factories.

Mex Mustaqbal Company for Exchange other than dealing with forex services also transfers money to other destinations notably to East Africa (Kenya, Uganda and Tanzania), Europe (London, United Kingdom) and in United States of America.

Sudan has currently been hit hard by the economic crisis because of overdependence of on oil as a major source of national income. The price of oil has dropped from US$147 per barrel in July 2009 to US$50 per barrel since February 2009.

South Sudan continues to lose large amounts of money through profit repatriation. Over 90% of day to day commodities like vegetables, fruits and fish are imported from neighbor countries such as Uganda, Kenya, and Ethiopia. Also imported from these Countries are building materials since South Sudan is rebuilding her infrastructures.

Meanwhile South Sudanese are massively registering for the forth coming elections that will start in April2010. The same registers are expected to be used for the Referendum elections in 2011.


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THE NILE FORTUNE Expanding Business beyond the Horizons • The Nile Fortune Magazine is a business Magazine published by The Active Nation Ltd committed to effective communication through Newsprint. The Nile Fortune Magazine Circulates in the 10 Countries that form Nile basin organization of Southern Sudan and North Sudan, Uganda, Rwanda, Kenya, Tanzania, DR Congo, Ethiopia, Burundi, Egypt and DR Congo with the circulation of over 5000 copies for a population of over 200 million people. VISION Sustainable social-economic development within Nile basin region and Africa in general. Clientele: Governments in the Nile Basin, International and local Investors, Private sector and the upcoming middle class, Local communities, International Humanitarian and relief agencies, Non Governmental Organizations (NGOs), Government Institutions, The business community. MUGUME D. RWAKARINGI MD, NILE FORTUNE MAGAZINE +249-955003929