By Staff writer
President Salva Kiir Mayardit has directed the Bank of South Sudan to implement substantial strategies that would stabilize and strengthen the value of the South Sudan Pound.
The directive was announced during the swearing-in ceremony for Dr. Addis Ababa Othow, as the new First Deputy Governor of the Central Bank.
During his address, President Kiir underscored the importance of unity and collaboration among Central Bank officials, urging them to work diligently in fulfilling the institution’s mission to ensure economic stability.
He expressed a strong belief in the capabilities of the newly appointed leadership to navigate and rejuvenate the country’s struggling economy.
For their part, Central Bank Governor Johnny Ohisa Damian, alongside Dr. Addis Ababa Othow, committed to promoting a cooperative working relationship to enhance the performance and effectiveness of the Central Bank.
The South Sudan pound has depreciated further against the United States Dollar, shaking the prices of goods in the markets.
As of yesterday, a United States dollar is trading between 5200 SSP and 5600 SSP, further affecting commodity prices
The central Bank has been struggling to rejuvenate the value of the SSP.
Last year, it introduced a withdrawal limit of Ten Million South Sudanese Pounds (SSP 10,000,000) by clients from individual accounts in commercial banks.
The move caused a scarcity of local currency bills in circulation as people hoarded cash due to diminished trust in commercial banks.
However, the restriction was scrapped early this year.