The new Governor of the Central Bank says his administration will produce a policy to address the current inflation.Last week, international audit groups reported that the war-induced inflation in South Sudan was the sixth in Africa.
In a report, the Trade Economics and the KPMG Africa groups stated that the hyperinflation in South Sudan reached 835.7% by October 2016, before falling to 457.2% a month later.
“Of course the problem with the people of South Sudan is inflation and the unstable exchange rate,” Dr Othom told reporters at the Presidential Palace, J1 in Juba this afternoon after taking oath of office.
“We shall be working to address these issues and hopefully we shall do something about it. If a house falls today, you cannot build it in a day. It takes time to build such a house. So, we shall be working to address these issues, hopefully.”
Dr Othom Rago Ajak, who was appointed last weekend, says the bank will also address issues related to system within the central bank as well as the commercial banks.
Dr Othom and his deputy Der Tong were sworn-in by Chief Justice Chan Reec Madut before President Salva Kiir.
He is replacing Kornellio Koryom Mayiik, who had been the governor since 2011.
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