South Sudan's English Daily Newspaper
"We Dare where others fear"
By Awan Achiek
The Governor of the Bank of South Sudan Dr. James Alic Garang on Sunday welcomed the recent decision to grant the bank full independence, saying it will protect the institution from political interference.
Speaking to reporters at Juba International Airport on Sunday after arriving from Nairobi, where he attended the African Development Bank Annual Meeting, Garang said the independence of the central bank will strengthen its authority in managing the financial sector.
“I would just like to say we profoundly appreciate the president and welcome this decision granting us independence which will enable the bank to operate in a conducive environment where we can deliver on our mandate,” Garang said.
President Salva Kiir Mayardit last week granted the Bank of South Sudan operational independence, which empowers the central bank to set monetary policies aimed at domestic price stability, manage currency issuance, regulate the financial sector, and oversee the country’s foreign exchange reserves.
Kiir directed all financial institutions and individuals to cooperate with the central bank in implementing the order.
The decree signed by Kiir emphasizes the central bank’s ability to function without interference.
Established in 2011, the Bank of South Sudan replaced the defunct Bank of Southern Sudan, which previously operated under Sudan before South Sudan’s independence.
