National News

ECONOMIC RECOVERY ACTION PLAN TO BE ANNOUNCED

By Odongo Odoyo

The Newly appointed Governor of Central Bank Dr. OthomRagoAjak yesterday promised to lay bare his economic recovery policy and plan of action once he is sworn in the office.

Talking to Juba Monitor EXECLUSIVELY on phone Dr. Ajak said “kindlyunderstand. We are yet to take over the office and assume the newresponsibilities, lwill lay down my vision and mission on economic recovery for the country through the Central bank.

For now l cannot reveal or talk about our plan of action until the swearing in is done and we officially take over the running of the institution as entrusted to us by the appointing authority (the President),” he added.

Juba Monitor reliably, learnt that the swearing in of the Governor, appointed by President SalvaKiir through a decree on the National Television, the South Sudan Broadcasting Corporation (SSBC) on Saturday evening will take place today.

DrAjak on his appointment to take over from his long serving predecessor, KornelioKoryom, was firmly instructed not to devalue the local currency (SSP). The new Governor, who has been working in the Central Bank, will be faced with a daunting task of bringing discipline in the financial sector in collaboration with the mother Ministry of finance and other related government organs.

Independent banking institution sources are concerned over the depositors’ outstanding amount being held by Central Bank which has made the commercial banks be unable to provide services to their customers. It is said that the regulator owes the commercial banks more than 500 million USD. However, there is a strong belief from the financial sector that for the new governor to succeed a number of changes of policy in management and logistics need to be undertaken to bring back sanity in the financial sector. An official of South Sudan Bankers Association promised to issue a compressive statement once “We meet with the new Governor and discuss with him the way forward” The association remained non-committal.

 

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