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BREAKING:

President Kiir declares Bank of South Sudan independent institution

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 without any interference from other Government institutions and individuals according to the Republican Order read on State-owned TV, SSBC.

“I, Salva Kiir Mayardit, President of the Republic of South Sudan issue the following; that the Bank of South Sudan is independent in terms of its powers and functions without any interference from other Government institutions and individuals to ensure that the Bank independently implements monetary policies that promote domestic price stability, currency issuance, regulations of the financial sector, holding and managing the official exchange results of the Country as well as the implementation of its independent recruitment and policy,” the order reads in parts.

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.

The Bank of South Sudan is currently seeking a $250 million loan from the International Monetary Fund (IMF) to stimulate economic growth, Bank of South Sudan’s Governor, Dr. James Alich Garang said in African Development Bank’s annual m