S. Sudan’s new bank governor confirms appointment
May 10, 2018 (JUBA) – The newly-appointed Central Bank governor, Tier Tong Ngor has accepted his appointment and downplayed fears that the regular changes would hurt the institutions operations and affect monetary activities seeking to tackle the rising inflation.
President Salva Kiir appointed Ngor after sacking his predecessor, Othom Rago Ajak through a republican order issued on Wednesday.
Albino Dak Othow was appointed first deputy governor in a separate order.
The new governor, however, told Sudan Tribune the changes did not affect the bank’s activities and it remained stable, stressing that the bank will “continue to facilitate the smooth functioning of financial markets, with focus on maintaining the exchange and interest rates as well as “monetary and financial stability in the country”.
Meanwhile, the presidential spokesman Ateny Wek Ateny said the action of the president was motivated by the desire to “urgently reshape and re-structure the top leadership of the Central Bank for greater efficiency, respect for due process and accountability
He assured the public and the international community that the change would not affect the bank’s “monetary policy direction”.
The Central Bank of South Sudan governor, among other roles, manages the conventional banking system in the country, according to prevailing rules, regulation and policies, in addition to acting as government’s adviser on its monetary and financial affairs.
STRATEGIC PLAN
In March this year, the Central Bank launched an ambitious five-year strategic plan to tackle hyperinflation and revitalize the oil-dependent economy worsened by more than four years of conflict.
It was, at the launch, hoped that the new plan would help transform the central bank, regain lost credibility and help in fostering and ensuring price and financial system stability within five years.
(ST)