Dr. James Alic Garang, the Governor of the Central Bank of South Sudan Juba. December 17, 2023. (Photo: Madrama James/Eye Radio)

The Bank of South Sudan governor says the institution is coordinating with the Finance and Planning Ministry on the payment of salaries, starting this week.

In a press release issued Friday, 29.03/2024, Dr Alic Garang said the Central Banks is also taking proactive measures to clear outstanding auction claims.

This is while it monitors and mobilizes sufficient foreign exchange resources to intervene in the market with immediate effect.

“The Bank has taken proactive measures and mobilized sufficient foriegn exchange resources to intervene in the market with immediate effect, including by clearing outstanding auction claims, while coordinating with the Ministry of Finance to pay salaries for one month,” he said.

The monetary authority head said, “in addition to supporting government efforts to enhance non-oil revenue collection, the bank has also adopted several measures to stabilize the foreign exchange market.”

These include a weekly auctioning of foreign exchange at a revise Bank’s reference rate, promoting transparency, and enhancing liquidity as well as maintaining a fair and orderly market environment.

As the central bank aims enhance regulatory oversight, Dr Garang urges the public to adopt electronic payment systems to lessen large amount of cash outside the banking system.

The government is trying to salvage the economic challenges at all cost.

The outcomes remain to be seen as the country’s main source of revenue, oil, is critically affected due to the Sudan’s conflict.