NLA investigates irregularities in issuance of Letters of Credit

The National Parliament has formed a committee to investigate the bodies that issue Letters of Credit to businesspeople.

Currently, six institutions are authorized to give Letters Credits.

Yesterday, a motion was introduced. It aims to give only the Bank of South Sudan the mandate to issue LCs.

An MP representing Yei County, Moses Bidali, says this will help to address the worsening economic situation in the country.

“The letter of credit has been abused by the beneficiaries of the purpose,” said Hon Bidali.

“So, the assembly has already formed a committee as we have referred the motion to the committee of Finance and economy, public accounts and security committee to investigate into the letter of credit.”

Prices are soaring, some shops are closing down all over the country due to inflation.

Mr. Bidali says the motion is going to be debated within five days.