Home | News    Thursday 15 October 2015

S. Sudan finance ministry halts hard currrency allocation to Central Bank

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October 14, 2015 (JUBA) - A senior at South Sudan’s Central Bank is dismayed over the manner in which the government was managing the country’s economy after the finance ministry allegedly took over the institution’s role on the directives of unnamed militants.

The newly issued US dollar notes (Source: FRB)

"There is no state in actual sense. The country is destroyed. The characteristics and the normal functions of the state have been destroyed. I have worked in the banking system for more than 33 years and I have never witnessed a situation in which a bank is starved of hard currency”, the official told Sudan Tribune on Wednesday.

The official, who has worked in several private and public financial institutions, also slammed the government for "deliberately allowing the economy to be destroyed by militants". He did not, however, elaborate further.

"The central bank has stopped receiving currency from the ministry of finance even though there is oil still flowing and brings in hard currency. The bank has been depleted. There are no reserves", said the official further accusing the finance ministry of allegedly taking over the Central Bank’s role.

"The ministry of finance has already stopped selling dollars to the central bank and goes directly to the black market to sell the dollar and then take only the local currency to the bank for storage purpose”, he added.

A high ranking ministry of finance official confirmed this in a separate interview with Sudan Tribune that the Central Bank has stopped receiving hard currency. The official attempted to justify the suspension of selling dollars to the Central Bank at official rate.

“The reason is that there is fiscal deficit of more than 200 million dollars a month and the government has been unable to secure loan to cover it. So it was decided that the only alternative is to sell whatever hard currency at the disposal of the government to cover this deficit”, said the official, who preferred not to be identified.

(ST)

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  • 15 October 2015 01:37, by lino

    Folks, the oil incomes has gone to Chinese who gave SS Government so many loans during 20 months war.
    No China is just pumping what it gave away to the Government. It is going to be a hardmanship in country where Government depends on loans to survive.

    • 15 October 2015 03:50, by Shadrack Nuer Machut

      Many of our govt officers do look govt personnel externally & during the day, but they’re totally rebels in their active works internally. Salva Kiir must put on good & clear eyeglasses to vigilantly trace out hyenas in goats’ skins.

      • 15 October 2015 03:58, by Lotodo Awino Odug

        he appeared like somebody who is weaned off from a lucrative business dealings at the bank.

      • 15 October 2015 06:23, by Mi diit

        Both the Central Bank and ministry of finance are manned by thieves, Koryom and Athorbei. They sell dollars in the black market using their village boys.

        Juba is collapsing. Stupid Kiir should violate the peace agreement and will not take six more months before they fight inside Juba over the few remaining currency.

    • 15 October 2015 07:46, by okucu pa lotinokwan

      If they fail in controlting the hard currency,which means it is a fail state,where is the minister of information to comment on this since he put himself as emotional man.

  • 15 October 2015 06:42, by Kerem

    This man in the central bank is missing the normal honey that used to follow to his mouth each month and that is why he is complaining. Central Bank used to be given a lot o money but still common citizens did not get the dollar at the normal/official rate

    • 15 October 2015 07:30, by Lotodo Awino Odug

      hehehaha.

  • 15 October 2015 07:56, by Eastern

    Cattle camp leadership style at play! How do you expect the economy not to plumate when dung heads are allowed to sell the green bucks by the roadside? The dinkacratic government goes down in history as one that wants to cling to power without being able to manage the power. Shame!

  • 15 October 2015 08:26, by Simon Peter Wal

    these are weird practices the banking system had ever witnessed.they ( the government) will do so till they deplete every coin from ministry of finance.the country is collapsing yet there are peoples who still think that Peace is not a priority this time around.



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