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Bring -exchange rate down, new Central Bank governor told

President Salva Kiir Mayardit directed the new governor of the central bank, Moses Makur Deng to further bring down the exchange rate against hard currency to help curb the inflation.

Mr. Deng replaced Dier Tong Ngor as the Governor of the Bank of South Sudan (BOSS) who was fired on Monday, January 5, 2022.

During his swearing in at the state house, J1 yesterday, President Kiir told the new governor to do what is right for South Sudanese: bring down the foreign exchange rate to the lowest possible value against the national currency,South Sudanese Pound.

“What we want from you as people of South Sudan is either you maintain the dollar rate where it is or you bring it down to the lowest,” Kiir stressed. “If you do that then it means you have encouraged us from having brought you and we shall have a good economy in South Sudan,” he added.

The head of state urged to embark on implementing policy reforms to revamp the economy and stimulate development.

“Do what is right and leave what is wrong, by that, we will be able to develop our country,” he said.

Being the governor of the national bank, Mr. Deng is tasked with overseeing and controlling the banking industry by setting monetary and regulatory policies, determining interest rates as well as lower the prices and controlling money supply and issuance among others.

But the economy has for long suffered decline and fluctuation of dollar against South Sudanese Pound (SSP) although the exchange rate has slightly stabilized after the former governor Dier Tong Ngor initiated some Public Finance Management (PFM) reforms.

Under Ngor’s leadership, the bank introduced wide-ranging reforms including weekly sell of millions of dollars to commercial banks and forex bureaus to withdraw excess liquidity from circulation and help stabilize exchange rate.

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