President Salva Kiir Mayardit on Thursday evening declared the Bank of South Sudan as an independent Government Institution in terms of its powers and functions.
According to the head of the state, the institution must operate without any interference from other Government institutions and individuals.
President Salva Kiir’s Republican Order was read on State-owned TV, SSBC.
“I, Salva Kiir Mayardit, President of the Republic of South Sudan issue the following” a part of the order reads.
Among other functions, the institution is to implement monetary policies that promote domestic price stability, currency issuance, regulations of the financial sector.
It holds and manages the official exchange results of the country as well as the implementation of its independent recruitment and policy.
The order stated that the independence of the Bank of South Sudan should not prevent it from working hand in hand with other relevant financial institutions and sectors.
“The independence of the Bank of South Sudan shall not prevent it from working hand in hand with other relevant financial institutions and sectors,” the order reads.
President Kiir in a Republican order urged all relevant government institutions and other financial institutions including individuals to comply with the order.
“All relevant government institutions and other financial institutions including individuals are hereby directed to comply with this order,” the order stated.
The Bank of South Sudan was under the supervision of the Ministry of Finance and Planning before the Republican Order declared its independence.