Opinion

Central bank should serve civil servants on time

The crises have forced most of the commercial banks and forex bureaus to shut down some of their branches in the country. There have been fears among the business men, women and the entire population who are banking in the country. The economy has been changing from bad to worst leaving the mother bank to remain empty without either local or hard currencies.
The government is not able to serve her civil servants on time because there have been complains that there is no money in the bank, but how will the forex bureau and the commercial banks survive if the central bank is financially ill? Central Bank has failed completely to manage local and foreign currencies because of lack of proper administration within the system since 2011 up to now.
The hard currencies have been available in the black market for a number of years and it could have been the responsibility of the central bank to tackle this issue. Since the President appointed Dr. Othom to replace Cornelius Koriom, there was hope that things would be better in that institution.
In my previous opinion I wrote that the appointment of the current governor of the Central Bank was appreciated and the appointment was on time but the President should have fired all the directors in the bank with the outgoing governor and appointed new directors to work with the new governor simply because to create new administrative system in the Bank.
The Ministry of Finance would have relieved the old directors and appointed new directors to work with the new minister. This action would have reduced corruption and other malpractices in the institution. The Central Bank and the Ministry of Finance are the back bones of any country’s economy based on the international principles.
These institutions should work hand in hand to support the agricultural sector in terms of equipment and oversee the operation of all the commercial banks and other financial institutions in the country by use of monitory policies and be independent from any political interference.
Last year when the government brought in the new administrations in both the Central Bank and the Ministry of Finance, there was hope that the country’s economy would improve but since then nothing have changed completely.
Citizens are still facing hard economic situation across the country. Some traders are even closing down their businesses because the dollar rate is hiking in the black market. The government institutions are still not paying salaries on time as financial challenges continue.
The two men in those institutions should work hard to improve the economic situation in the country and if there is no money in Central bank, almost everybody complains.

By Domkooc Ismail

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