8th February 2025
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Dr. Garang hails Kiir’s decree making Central Bank independent

Author: Chany Ninrew | Published: June 3, 2024

Central Bank gate. | File/Courtesy.

Central Bank Governor Dr. James Alic Garang commended President Kiir for declaring the independence of the Bank, saying the decision will enable the institution to fulfill its mandate.

On Thursday, the president invoked a constitutional provision that provides for the independence of the Bank of South Sudan to execute its statutory and supervisory functions.

The move is also in line with implementation of the 2018 peace agreement.

Dr. Garang, who spoke at Juba Airport upon his return from Nairobi, says the presidential order will enable the bank to work in a conducive environment.

According to him, the institutional independence will help the bank in delivering on its obligations.

The Central Bank is mandated to independently exercise its powers and functions without any interference from other government institutions and individuals.”

It ensures that the banks independently implement monetary policies that promote domestic price stability, currency issuance, regulation of the financial sector.

Others are holding and managing the official exchange reserves of the country as well as implementation of it independent recruitment policy.

Mr. Kiir directed the Bank of South Sudan to work hand in hand with other financial institutions and including individuals to implement the order.

 

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