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Bank of South Sudan

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Bank of South Sudan
HeadquartersPlot No. 1, Block D 6, Juba Market, Juba, South Sudan[1]
Ownership100% state ownership[2]
GovernorJames Alic Garang
Central bank ofSouth Sudan
CurrencySouth Sudanese Pound
SSP (ISO 4217)
Reserves230 million USD[2]
Websitewww.boss.gov.ss

The Bank of South Sudan (BoSS) 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 former branch of the Bank of Sudan,[3] which had served as the central bank of South Sudan, during the period between February 2005 until July 2011. The bank is fully owned by the Government of South Sudan.[4]

Agreements and Memorandums

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The bank of South Sudan and Ministry of finance and planning have signed a Memorandum of understanding to improve liquidity and operational cash management by reducing dependency on physical cash and promoting digital transactions.[5] The document was signed by Central Bank's 1st Deputy Governor Samuel Yanga Mikaya and Finance's 1st Undersecretary Malual Tap Dieu.[6]

Location

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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

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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

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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

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Principal officers

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  1. James Alic Garang - Governor[7]
  2. Samuel Yanga Mikaya - First Deputy Governor for banking and Policies[8]
  3. Nyiel Gordon Kuol - Second Deputy Governor for Administration & Finance
  4. Yeni Samuel Costa - Director General for Currency & Banking
  5. Marial Bawuor Mabeny - Director General for Supervision and Research
  6. David Manyuon Nak- Director General for Administration

Governors of the Bank of South Sudan

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The Governors were appointed by the President of South Sudan.

Name Took office Left office
Elijah Malok Aleng July 2005 August 2011 [9]
Kornelio Koriom Mayiek August 2011 January 2017
Othom Rago Ajak January 2017 May 2018 [10]
Dier Tong Ngor May 2018 January 2020 [11]
Gamal Abdalla Wani January 2020 November 2020 [12]
Dier Tong Ngor November 2020 January 2022 [13]
Moses Makur Deng January 2022 August 2022 [14]
Johnny Ohisa August 2022 October 2023 [15]
James Alic Garang October 2023 Incumbent [16]

See also

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References

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  1. ^ "Multilateral Investment Guarantee Agency - Governors and Alternates" (PDF).
  2. ^ a b Weidner, Jan (2017). "The Organisation and Structure of Central Banks" (PDF). Katalog der Deutschen Nationalbibliothek.
  3. ^ "South Sudan central bank governor replaced by deputy - Economy - Business - Ahram Online". English.ahram.org.eg. 2011-08-16. Retrieved 2013-01-27.
  4. ^ "South Sudan establishes Central Bank as it receives its new currency » Breaking News | Wire Update News | News Wires". Wireupdate.com. 2011-07-15. Archived from the original on 2013-07-31. Retrieved 2013-01-27.
  5. ^ Eye Radio
  6. ^ Eye Radio
  7. ^ "New central bank chief vows to modernize banking sector". 4 October 2023.
  8. ^ "New central bank chief vows to modernize banking sector". 4 October 2023.
  9. ^ "BBC News - South Sudan's Salva Kiir sacks bank chief Elijah Malok". Bbc.co.uk. 2011-08-17. Retrieved 2013-01-27.
  10. ^ "CENTRAL BANK – Boss fired and replaced – Juba Monitor". www.jubamonitor.com. Archived from the original on December 6, 2021.
  11. ^ "Hon. Dier Tong Ngor – Bank of South Sudan". 12 August 2021. Archived from the original on 2021-08-12.
  12. ^ Reuters[dead link‍]
  13. ^ says, SOHEL (2 November 2020). "BREAKING: Kiir fires central bank chief, reinstates predecessor". Sudans Post.
  14. ^ Chang, Koang (4 January 2022). "Central Bank Governor: Dier Tong out, Moses Makur in". Eye Radio.
  15. ^ "South Sudan's president names Moses Makur Deng as central bank head". Reuters. 2022-01-03. Retrieved 2022-08-12.
  16. ^ "New central bank chief vows to modernize banking sector". 4 October 2023.
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