National, News

Kiir grants Central Bank independence

By William Madouk

 

In a move to bolster the Bank of South Sudan’s (BoSS) powers and functions, President Salva Kiir has declared the central bank an autonomous institution, free from political interference.

Through a Presidential Order announced on the state-owned SSBC radio and television, Kiir stated that the BoSS is now “independent in terms of its power and functions without any interference from other government institutions and individuals.”

“I, Salva Kiir Mayardit, the president of the Republic of South Sudan, do hereby issue the following: that the Bank of South Sudan is independent in terms of its power and functions without any interference from other government institutions and individuals,” partly read the order.

“To ensure that the bank independently implements monetary policies that promote domestic price stability, currency issuance, regulation of the financial sectors, holding and managing the official exchange results of the country as well as the implementation of its independent recruitment and policy,” it added.

Prior to the President’s Order, the BoSS was under the supervision of the Ministry of Finance.

However, the Transitional Constitution of South Sudan and the Bank of South Sudan Act, 2011 (as amended) had already stipulated the bank’s independence in its statutory and supervisory functions.

The decision comes as South Sudan grapples with runaway inflation and a sharp decline in the value of the South Sudanese Pound against major foreign currencies, particularly the United States Dollar.

The shortage of goods and services in the market has exacerbated the economic challenges.

In his Order, President Kiir called on all relevant government institutions and other financial entities to comply with the order.

 

 

 

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