National, News

Central Bank highlights role in economic growth

By Deng Athian


Bank of South Sudan (BoSS) in a one-day public conference, on Friday, 9th February, 2024, sensitized citizens on its role in promoting economic growth.

Central bank governor, Dr. James Alic Garang emphasized the institution’s commitment to transparency and engagement.

“We are holding this conference because it is crucial for the public to understand the roles of the Bank of South Sudan” he said.

He said that citizens as stakeholders have the obligation to know impacts of the institutions in the country.

“It is their right to know what the central bank does and how it impacts their lives,” he stressed.

At yesterday’s conference, BoSS addressed 70 questions raised during the previous National Educational Economic Conference.

These questions such as; who controls street exchange rates? Does the BoSS conduct market assessments before making decisions? And, why are employee salaries not paid regularly?

Meanwhile, Vice President for the Economic Cluster, James Wani Igga praised the conference as a valuable platform to inform citizens about financial policies and the central bank’s responsibilities.

He emphasized the importance of the Central Bank in fulfilling its key functions:

Wani highlighted the BoSS’s role in setting and adjusting interest rates to manage inflation and credit availability.

“Our Central Bank is tasked with formulating monetary policies. It is their role to implement the monetary policies. It is the BoSS’ roles to adjust the Bank rates,” VP Igga stated.

He underscored the need for the BoSS to ensure commercial banks operate efficiently and meet public needs.

“It is also the responsibility of the BoSS to supervise the commercial banks to see if they are meeting the public demands,” he added.

National Minister of Finance and Economic Planning, Dr. Bak Barnaba Chol commended the central bank’s initiative, stressing the importance of public education.

“I encourage the central bank to provide a necessary environment with enough resources to conduct public awareness” he stated. “This will help the people of South Sudan understand how government financial institutions operate, building trust and fostering economic stability.”

Finance Minister Dr. Bak Barnaba Chol, academics, and other stakeholders were among the dignitaries who graced the event.

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