Bank of South Sudan explained

Ownership:100% state ownership[1]
Reserves:230 million USD
Headquarters:Plot No. 1, Block D 6, Juba Market, Juba, South Sudan[2]
President:James Alic Garang
Leader Title:Governor
Bank Of:South Sudan
Currency:South Sudanese Pound
Currency Iso:SSP

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]

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. James Alic Garang - Governor[5]
  2. Samuel Yanga Mikaya - First Deputy Governor for banking and Policies[6]
  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

The Governors were appointed by the President of South Sudan.

NameTook officeLeft office
Elijah Malok AlengJuly 2005August 2011[7]
Kornelio Koriom MayiekAugust 2011January 2017
Othom Rago AjakJanuary 2017May 2018[8]
Dier Tong NgorMay 2018January 2020[9]
Gamal Abdalla WaniJanuary 2020November 2020[10]
Dier Tong NgorNovember 2020January 2022[11]
Moses Makur DengJanuary 2022August 2022[12]
Johnny OhisaAugust 2022October 2023[13]
James Alic GarangOctober 2023Incumbent[14]

See also

Notes and References

  1. Web site: Weidner . Jan . The Organisation and Structure of Central Banks . Katalog der Deutschen Nationalbibliothek. 2017. PDF.
  2. Web site: Multilateral Investment Guarantee Agency - Governors and Alternates .
  3. Web site: South Sudan central bank governor replaced by deputy - Economy - Business - Ahram Online . English.ahram.org.eg . 2011-08-16 . 2013-01-27.
  4. Web site: South Sudan establishes Central Bank as it receives its new currency » Breaking News | Wire Update News | News Wires . Wireupdate.com . 2011-07-15 . 2013-01-27 . https://web.archive.org/web/20130731184824/http://wireupdate.com/wires/18835/south-sudan-establishes-central-bank-as-it-receives-its-new-currency/ . 2013-07-31 . dead .
  5. Web site: New central bank chief vows to modernize banking sector . 4 October 2023 .
  6. Web site: New central bank chief vows to modernize banking sector . 4 October 2023 .
  7. Web site: 2011-08-17. BBC News - South Sudan's Salva Kiir sacks bank chief Elijah Malok. Bbc.co.uk. 2013-01-27.
  8. Web site: CENTRAL BANK – Boss fired and replaced – Juba Monitor . https://web.archive.org/web/20211206212552/https://www.jubamonitor.com/central-bank-boss-fired-and-replaced/ . dead . December 6, 2021 . www.jubamonitor.com.
  9. Web site: Hon. Dier Tong Ngor – Bank of South Sudan . https://web.archive.org/web/20210812151321/https://www.boss.gov.ss/team/hon-dier-tong-ngor/ . 2021-08-12 . 12 August 2021.
  10. https://fr.reuters.com/article/idAFL8N29S0AQ Reuters
  11. Web site: says . SOHEL . BREAKING: Kiir fires central bank chief, reinstates predecessor . Sudans Post . 2 November 2020.
  12. Web site: Chang . Koang . Central Bank Governor: Dier Tong out, Moses Makur in . Eye Radio . 4 January 2022.
  13. News: 2022-01-03 . South Sudan's president names Moses Makur Deng as central bank head . en . Reuters . 2022-08-12.
  14. Web site: New central bank chief vows to modernize banking sector . 4 October 2023 .

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