S. Sudan’s Central Bank sells $10m to commercial banks

September 15, 2016 (JUBA)- The Central Bank of South Sudan has, in a bid to salvage the country’s crippling economy, auctioned up to $10 million to various commercial banks.

The governor of the Central Bank, Kornelio Koryom said the move was to enable banks supply traders and companies to import goods into the country.

He urged all commercial banks to use the money in a responsible way so as to benefit all people of South Sudan.

“The banks shouldn’t use the money for their own gain. Sell the little you got here in a very responsible way. You can’t be rich in a day,” said Koryom.

It is, however, not yet clear as to how much each of the 24 commercial banks operating in the young nation received.

Several traders attribute failure to import goods into the country to the alleged failure by government to pay them for goods supplied in the past.

(ST)