16th July 2024
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Governor Dr Alic outlines priorities to run modern central bank

Author: Lasuba Memo | Published: Tuesday, July 9, 2024

BoSS governor, Dr. James Alic Garang. (-)

Bank of South Sudan governor has outlined three key focus areas including fostering transparency and accountability to run a modern monetary institution in the interest of the citizens.

Dr. James Alic Garang made the remarks at the inauguration of a new multi-purpose building of the Central Bank at Jondoru area, South-west of Juba.

Dr. Alic said the Central Bank is exercising its independence after President Kiir invoked its constitutional mandate allowing it to operate without any interference from other government institutions and individuals.

He said the institution continues to conduct prudent and data-dependent monetary policy to ensure price stability and policy credibility.

“Since assuming the leadership at the Bank of South Sudan, we have resolved to advance three pillars in running a modern central bank.

“The three pillars include ensuring transparency which is what we do day and night, fostering accountability both to the people’s representatives, the President and the people of South Sudan at the same time exercising  independence because what we do is in the interest of the people of South Sudan not individuals.

“Bearing this principle in mind, we continue to conduct prudent and data dependent monitory police to ensure price stability and policy credibility,” he said.

Other efforts, he said, the Bank of South Sudan is reconsidering embarking on including bolstering monetary policy and rebuilding a gross international gold reserve.

“The Bank of South Sudan therefore, continues to focus on the following key objectives as we move forward; one, bolstering monetary policy while curbing inflation and anchoring inflation expectations.

“Rebuilding a gross international reserve by adding a gold portfolio, cooperating with the fiscal authorities; In this case, the ministries of finance, trade and other sectors of the government, parliament at the highest level. This cooperation is what will help us move forward,” he added.

The Bank of South Sudan is an independent monetary institution established in 2011 to maintain price stability and promote a healthy domestic economy.

It has inaugurated eight branches across the country to provide essential banking services, support economic development, and ensure financial stability. These include branches in Aweil, Nimule, Malakal, Wau, Yei, Rumbek, Kuajok and Bor.

South Sudan is grappling with severe inflation as the national currency weakened against the US dollar after a major pipeline transporting 60 percent of the crude oil to Port Sudan broke down in February 2024.

The situation has left civil servants unpaid for months while triggering a sharp increase in commodity prices and leaving families struggling to feed themselves.

During the inauguration event, President Kiir encouraged the Bank staff to support the leadership and cooperate with other institutions to advance the policies of the government.

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