Central Bank Governor Johnny Ohisa Damian (right) and Finance Minister Dier Tong Ngor meet President Salva Kiir on Friday. | Photo: PPU

The Governor of the Bank of South Sudan said the institution is planning to finance the import of essential commodities in a bid to bring down runaway inflation.

Johnny Damian Ohisa told reporters that the government has enough reserves to address the current inflation in the market.

Ohisa said the Bank will intervene in the market as a short-term solution while exploring long-term strategies.

The Bank governor urges the public not to panic, saying the economic situation is under control.

“The Central Bank is going to finance the import of essential commodities now. So, there is no fear we have enough reserve we are working closely with the Ministry of Finance to ensure that we have those resources available,” Ohisa said after meeting President Kiir on Friday.

“We have enough reserve that the Ministry of Finance avails to us this is where we are going to work well and intervene in the market in the short run and strategical look for the long run,” Ohisa said.

On Friday, Finance Minister Dr. Dier Tong Ngor and Bank Governor Johnny Ohisa briefed President Kiir on the current economic situation and their monetary plans.

On his part, Minister Dier said the government will inject enough dollars into the market to meet the high demand for hard currency.

“We have reached a concrete solution that the central bank will avail enough dollars into the market to address the high inflation and to meet the need of the people who are looking for hard currency and to bring down consumer prices in the market,” Dier said.

“We can be sure that the central bank will intervene in the market with resources that we avail to them to respond to the high demand for hard currency.”

The Government also reached an agreement with Uganda to supply basic food commodities to South Sudan’s markets.