South Sudan President Kiir declares central bank 'independent' institution
This empowers the Bank of South Sudan to set monetary policies aimed at domestic price stability, manage currency issuance, regulate the financial sector, and oversee the country's foreign exchange reserves.
South Sudan's President Salva Kiir Mayardit has issued a republican decree granting the Bank of South Sudan (BoSS) operational independence, bolstering its authority in managing the country's financial sector.
The announcement, made on the state-owned South Sudan Broadcasting Corporation (SSBC) on Thursday night, aligns with the implementation of the 2018 revitalised peace agreement he signed with the opposition leader, now his first deputy, Riek Machar.
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The decree cites Article 182(8) of the constitution alongside a 2023 amendment to the BoSS Act, stipulating the bank's authority "to exercise its powers and functions without any interference from other government institutions and individuals."
https://t.co/CzElrmCx3x #SSOX #BoSS #BankofSouthSudan #BoSSIndependence
— Bank of South Sudan (BoSS) (@CentralBoSS_SS) May 31, 2024
This empowers the Bank of South Sudan 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 BoSS in implementing the order.
The decree itself, signed by Kiir, emphasises the bank's ability to function "without interference." "All relevant government institutions and other financial institutions including individuals are hereby directed to comply with this order," the decree states.
Established in 2011, the BoSS replaced the defunct Bank of Southern Sudan, which previously operated under Sudan before South Sudan's independence.
