President Salva Kiir at the State House in Juba. Photo credit: Office of the President

President Salva Kiir has directed the central bank to take urgent measures to tackle inflation, cash shortage and stabilize the financial system.

President Kiir made the directive during the swearing-in ceremony of the newly appointed deputy governors for the Bank of South Sudan yesterday.

The new central bank leaders include Tong Akec Deng, who took oath of office as the First Deputy Governor for Policy and Banking, and Weituy Luony Babuoth, who assumed the role of Second Deputy Governor for Administration and Finance.

Peter Dau Akol was also sworn in as Counsel General in the Ministry of Justice and Constitutional Affairs.

Addressing the appointees, President Kiir directed the Bank of South Sudan to take immediate action to restore cash flow and ensure fair circulation of money across the country.

“Why is there no cash in circulation? Is it from the bank or is it from the people? If it is from the people, you must get these people red-handed and present them to the law. If not, then let the whole thing flow as it used to be,” he said, speaking on SSBC on Thursday.

The President stressed that any disruption in the financial system directly affects citizens’ livelihoods and the overall economy, urging the new bank leadership to act decisively and with accountability.

He said there is need for strong leadership at the central bank to stabilize the financial system.

For his part, Johny Ohisa Damian, the Governor of the Central Bank, said he is in the new team, noting their experience and ability to address the nation’s pressing economic challenges.

“I want to take this opportunity to thank you for giving me the opportunity to select the team I will be working with to tackle these economic challenges that our country is facing. Both of them are not new to the Central Bank,” he said.