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CENTRAL BANK – Boss fired and replaced

Former Central Bank Governor Dr. Othom Rago Ajak speaking to Journalists during press conference (file photo by Morris Dogga):

 

Dier Tong Ngor

 

By Kidega Livingstone

The Central Bank Governor, Dr. Othom Rago Ajak has been dismissed from office.

The announcement that was made during the consultation workshop on the East African Community, Regional Banking Certification Program in Juba yesterday afternoon shows that Dr. Rago has been replaced with his Deputy, Dier Tong Ngor, according to the report.

“There is a change of management in the bank. Dier Tong Ngor is now the Governor of the Bank of South Sudan (BOSS) replacing Dr. Othom Rago Ajak and Albino Dak Othom is now the Deputy Governor of the bank,” said Daniel Lomuja, the Director of Training of the Bank of South Sudan as quoted in a report.

“We have no idea about the basis of the change because it’s the office of the president that decides who is to come and who is to go,” he added.

A senior commercial bank director also confirmed to Juba Monitor yesterday that they were informed of the changes in the central banks’ management on Thursday morning.

It was not clear why the Governor was removed from his position but the sacking comes amidst continuing ballooning inflation rates and fluctuating market prices.

As government struggles to raise revenue in the wake of escalating conflict, just months after the president revealed that the country is broke and the Central Bank had no enough money.

Although the president’s office did not disclose the reason for his firing, reports indicate that the government was becoming impatient with the central bank chief for failing to restraint high inflation and depreciation of the South Sudanese Pounds (SSP) against the dollar.

The Bank of South Sudan devalued the SSP after it abandoned the fixed exchange rate for the black market in December 2015 under former governor Kornelio Koryom.

Dr. Othom was appointed in January 2017 after Koryom was relieved.

During his appointment, Dr. Othom had promised to improve the economic situation of the country but instead the situation continued to get worse with dollar rate getting high every day which ended up dictating the market price beyond the common-man’s reach.

 

 

 

 

 

 

 

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