Author: James Atem Kuir | Published: 3 hours ago
President Salva Kiir during an official event. Photo: Office of the President.
President Salva Kiir has warned that failures within the country’s financial sector will no longer be tolerated as South Sudan continues to face economic challenges.
Kiir issued the warning on Friday during the swearing-in of Dr. Addis Ababa Othow as the new Governor of the Bank of South Sudan.
According to a statement from the Office of the President, Kiir directed the new central bank governor and other financial authorities to implement urgent reforms aimed at restoring public confidence in the banking system.
He tasked them with addressing the persistent liquidity crisis and supporting efforts to stabilize the national economy.
The warning comes as South Sudan continues to experience a prolonged cash shortage, rising inflation, and increasing pressure on the banking sector, with many commercial banks struggling to meet customers’ demands for withdrawals.
The South Sudan Pound has also recently weakened significantly against the US dollar, with $100 exchanging for between 770,000 and 800,000 SSP on the black market.
According to the statement, Dr. Addis Ababa Othow pledged to work closely with the government, financial institutions, and other stakeholders to rebuild public confidence in the banking sector.
He also committed to implementing reforms aimed at strengthening monetary stability and addressing the country’s economic challenges.
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