Bank of South Sudan

Bank of South Sudan
Headquarters Juba, South Sudan
Governor Hon. Dier Tong Ngor
Central bank of South Sudan
Currency South Sudanese Pound
SSP (ISO 4217)
Website www.bankofsouthsudan.org

The Bank of South Sudan is the central bank of the Republic of South Sudan. Established in July 2011, by an Act of Parliament (The Bank of South Sudan Act, 2011), it replaced the now defunct Bank of Southern Sudan, a branch of the Bank of Sudan,[1] which had served as the central bank of Southern Sudan, during the period between February 2005 until July 2011. The bank is fully owned by the Government of South Sudan.[2]

Location

The bank maintains its headquarters in the city of Juba, the capital of South Sudan, with branches in the towns of Wau, Yei and Malakal.

Organization and Governance

The Bank of South Sudan is the central bank of the Republic of South Sudan. It is headed by the Governor of the Bank of South Sudan. The Bank is the only institution that is constitutionally mandated to issue the South Sudanese pound.

Duties

The main functions of the Bank of South Sudan are:

  1. To function as the central bank of South Sudan.
  2. To establish and supervise conventional banking services in South Sudan including licenses to financial institutions according to rules and regulations issued by the board of directors.
  3. The management of the bank is under the Governor of the Bank of South Sudan, who will manage the conventional banking system in South Sudan according to prevailing rules, regulation and policies.
  4. To act as the bank to the Government of South Sudan, as an adviser and agent thereof in monetary and financial affairs.
  5. In the discharge of the duties, responsibilities and mandates thereby required and imposed upon it, to exercise the power and supervisory authority so conferred, in a manner consistent with the ordinances and regulations stipulated in the laws that govern the bank.
  6. The Bank of South Sudan shall be in charge of supervising and regulating commercial banks in South Sudan.

Management

Principal officers

  1. Hon. Dier Tong Ngor - Governor[3]
  2. Hon. Albino Dak Othow - 1st Deputy Governor for Policy & Banking
  3. Hon.Odera Ocean Innocent - Deputy Governor for Administration & Finance
  4. Ms.Gan Samuel - Ag.Director General for Currency & Banking Operations
  5. Mr.Yeni Samuel Costa - Director General for Administration & Finance
  6. Mr. Moses Makur Deng – Ag. Director General for Supervision Research and Statistics

Governors of CBSS

  1. Elijah Malok Aleng - July 2005 to August 2011[4]
  2. Kornelio Koriom Mayiek - August 2011 and ended in Jan.2017
  3. Hon. Othom Rago Ajak - appointed in Jan. 2017 as the Governor to 9 May 2018
  4. Hon. Dier Tong Ngor - appointed in 9 May. 2018 as the Governor to the present time

In August 2011, South Sudan's President Salva Kiir replaced Elijah Malok Aleng by presidential decree with his deputy Kornelio Koriom Mayiek

See also

References

  1. ↑ "South Sudan central bank governor replaced by deputy - Economy - Business - Ahram Online". English.ahram.org.eg. 2011-08-16. Retrieved 2013-01-27.
  2. ↑ "South Sudan establishes Central Bank as it receives its new currency » Breaking News | Wire Update News | News Wires". Wireupdate.com. 2011-07-15. Retrieved 2013-01-27.
  3. ↑ "South Sudan central bank introduces Treasury bill | Radio Tamazuj". Retrieved 2016-09-22.
  4. ↑ "BBC News - South Sudan's Salva Kiir sacks bank chief Elijah Malok". Bbc.co.uk. 2011-08-17. Retrieved 2013-01-27.
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