Home | News    Wednesday 12 September 2012

S. Sudan Central Bank reserves can last five years: Governor

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By Julius N. Uma

September 11, 2012 (JUBA) - South Sudan’s Central Bank has sufficient reserves of local currency, capable of running the country for the next five years without printing any money, Kornelio Koriom, its Governor said Tuesday.

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Kornelio Koriom, South Sudan’s Central Bank Governor addresses journalists in Juba, 11 September 2012 (ST)

The Governor, who preferred not to disclose how much South Sudan has in reserves, said the Central Bank still has enough money kept in portions within its branches in Malakal (Upper Nile), Wau (Western Bahr el Ghazal) and Yei in Central Equatorial State.

“We are not running out of cash. It is only what has to be circulated within the rules of the Central Bank and controlled by the Finance ministry that can be talked about [but] not what is in the bank,” he told a press conference in Juba, the South Sudan capital.

Koriom likened the government spending in the wake of the current austerity measures, to family expenditures, saying even a father plans for his family in a crisis situation.

“We are still able to operate for the next five years without printing more money,” he told journalists at a briefing held at the bank’s premises.

The Central Bank Governor also described as “careless” and “nonsense” talks that South Sudan’s economy was at the verge of collapse, perhaps in reference to the leaked World Bank report, which Sudan Tribune reported about in June.

“What will make this country’s economy collapse? We have enough resources capable of supporting this economy,” he said.

FUEL CRISIS

The Governor, during the press conference, also blamed the country’s Petroleum and Mining ministry for the current fuel crisis, which hit most parts of the South Sudan capital for nearly two weeks.

The Central Bank, he said, allocated US$40m through “revolving credit” to enable the petroleum ministry to import enough fuel into the country, to avert any crisis resulting from shortages.

“When we asked the petroleum ministry why there was a fuel crisis in the country, they told us there was a problem of diesel shortage in Mombasa which is being experienced in neighboring Uganda and Kenya as well,” said Koriom.

In recent weeks, however, the local South Sudanese Pound (SSP) has steadily gained against the US dollar, with the Governor attributing this improved trend on certain key interventions initiated by the Central Bank.

These strict measures, according to the Governor, involved inflation targeting; permitting the SSP to flexibly trade with local currencies of neighbouring countries; creating a credit line with corresponding banks; introducing a consortium of local and foreign banks to buy produce at reasonable prices and placing the dollar under control.

NO SMALL DENOMINATIONS

Meanwhile, Koriom strongly refuted reports alleging that the Central Bank is conducting studies into the possibility of introducing small denominations featuring face of the country’s late leader, John Garang.

“We do not plan to issue out coins. This is not true and also not in line with the future plans of the Central Bank,” he said, in response to Sudan Tribune’s story published last week.

The Central Bank’s launch of a new currency, he clarified, reportedly goes through a coordinated process, which extends up to the presidency for “blessings”.

“In 2011, there were coins introduced by the bank, which did not go down well with the market requirements. This was when this country was still under Sudan,” said Koriom, also the Chairman of the bank’s Board of Directors.

He further told journalists that the coins, which were produced in form of piasters lack properly planning prior to its release and hence proved unsuitable for the market.

(ST)

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  • 12 September 2012 07:20, by Quol Quot

    You the Gogrial fools are destroying the country for the next generation. I don’t know how you can avoid war in 2015 if you don’t give up power through fair elections.

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    • 12 September 2012 07:34, by Michael Angelo

      Quol Quot,
      Your hatred of Gogrial people is very obvious and that will sustain them to rule your ass till you die. You pathetic Dinka Bor idiots are the one who messed up the economy by stealing public funds in revenge of losing power.

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      • 12 September 2012 07:58, by Madina Tonj

        Michael Angelo
        I think your comment is very poor why because it is not all Dinka Bor are hating Gogrialan. There is a proven saying, there is no smoke without fire. People have some reason for some time to disagree on thing but not disagreeable and for being as a citizen, he has every rights to express out his concern base on what he knows about Gogrialan people.

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      • 12 September 2012 07:58, by Madina Tonj

        Michael Angelo
        I think your comment is very poor why because it is not all Dinka Bor are hating Gogrialan. There is a proven saying, there is no smoke without fire. People have some reason for some time to disagree on thing but not disagreeable and for being as a citizen, he has every rights to express out his concern base on what he knows about Gogrialan people.

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      • 12 September 2012 07:58, by Madina Tonj

        Michael Angelo
        I think your comment is very poor why because it is not all Dinka Bor are hating Gogrialan. There is a proven saying, there is no smoke without fire. People have some reason for some time to disagree on thing but not disagreeable and for being as a citizen, he has every rights to express out his concern base on what he knows about Gogrialan people.

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      • 12 September 2012 07:59, by Madina Tonj

        Michael Angelo
        I think your comment is very poor why because it is not all Dinka Bor are hating Gogrialan. There is a proven saying, there is no smoke without fire. People have some reason for some time to disagree on thing but not disagreeable and for being as a citizen, he has every rights to express out his concern base on what he knows about Gogrialan people.

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      • 12 September 2012 08:00, by Quol Quot

        Michael Devilo,
        Who told you that I am Dinka Bor? How many Dinka Bor people have stolen many like your uncle Akuein Chol? Without Dinka Bor people, you all southerners would have been slaves by now? Dinka Bor are not perfect but they are descent compare to your fools. By 2030, South Sudan will still be where it is now if you idiots are still in power.

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        • 12 September 2012 08:21, by Peter Marko

          To Fucking an Idiot: Quol Quot
          Who the fuck told u that Dinka Bor had liberated S. Sudan. How could a Coward tribe like Bor liberate people of S.Sudan from the slavery, and you people of Bor could not even stop Morlei from slaving your sons and duaghters up to now. Give a break. u guys are only good at running your mouths and complianing. Look at this bitich called Rebaca, and his drunk idiot son.

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          • 12 September 2012 08:23, by Peter Marko

            ...They are disgracing the legacy of Dr. John. During 1991 Bor attack by nuer’s militiamen, Bor men sought the hideout, and left their elders, women to be slaughtered, and their children slaved by nuer up to now. Shame on you, people of Bor. You should have a heart to defend your people from small tribe like morlei, and then come n run your dirty mouth like a bitich. Fuck You.

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            • 12 September 2012 09:44, by Chol

              Marko, just because you throw around the coward doesn’t make it true. Dinka Bor spearheaded the moment with Koriom battalion in the early 1980s and you were followers with Muormuor after that. Let the truth be told. When you talk of 1991 massacre by Nuer; you just said it Dinka Bor civilians were slaughtered, civilians with spears were no match with the force heavily armed with machine guns. ---

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              • 12 September 2012 09:46, by Chol

                — -Cowards don’t allow themselves to be slaughtered, they ran. After Bor commandos heard the attack in Bor in 1991, they all left Juba operation that was about to capture Juba and left for Bor and Nuer did not put up any resistance to fight, when they saw the force that matches their force. Whatever happened after the chase no one need to brag about killing of human being!

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                • 12 September 2012 11:48, by Abednego Majack Macharial

                  Chol,
                  Is it true that Bor Commando were the one that pushed out Nuer Militias from Bor or are you just saying it for the sake of answer other comments? Let’s be realistic

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                  • 12 September 2012 12:31, by Chol

                    Macharial, I would say SPLA in general, but mostly majority were from Bor, because for the people of Bor, it was personal. Other tribes had the choice not to go and some of them did. Those who went did it willingly no one forces them to go. The word coward should not just be thrown around aimlessly, unless people don’t know its meaning.

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                • 12 September 2012 14:09, by Ahmado

                  When i see your comment, i feel so concern to say some thing here,when Nuer massacre the dinka bor all the bor commands and civilians run to Equateria looking for place to hide themselves from nuers and Equaterians welcome them later on dinka bor turn against Equateria.1991-1992 was Equateria went and recused dinka bor from hand of nuer many people died in that war.

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                  • 12 September 2012 14:24, by Ahmado

                    what can dinka bor said, they can only do peace reconciliation because there is way for dinka to revenge, this time no body is going encourage the inter-tribals war, only our concern is tofight a great enemy known as NCP(jallaba)

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          • 12 September 2012 10:09, by Jugo Bell

            “Bank has sufficient amounts of the local currency in reserve, capable of running the country for the next five years’’ That sounds good Mr. Governor. What our new nation currently required is the speeding up of the project been planned to export our oil through port of Mombasa, Kenya. I mean the pipe line that run through Kenya port. In addition to that the problem of the oil refinery should be

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            • 12 September 2012 10:10, by Jugo Bell

              have taken seriously. At least if our country can constructed some in the area where the oil is located, that will really benefit our country for domestic consumption. Let us not depend totally on importing these goods meanwhile we have our own which only action. Talking always without any action can move elevation. By this time if our government was serious, the pipe line to Kenya should have be

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              • 12 September 2012 10:19, by Jugo Bell

                By this time if our government was serious, the pipe line to Kenya should have been closure to finish. But it’s not too later. Let us hope this scheme will emerge at any time.Folks, do not bring any situation that was not relate to the topic we are discussing. Hatred cannot take us somewhere to develop our new nation. We are south Sudanese period from Numile to Abyei.

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          • 12 September 2012 12:13, by Runrach

            @ Peter Marko, you are fuckin too emotional. What is itching in your ass ? Believe me am not defending Madam Rebecca, her son and Bor community at large. But honestly, Madam Rebecca de Mabior is not such a cheap woman compare to the rest of women. Again, without Bor and Panaruu community contribution in term of popular uprising especially in Koryom battalion. Splm/A or GOSS lets remember that,

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      • 12 September 2012 08:02, by Hardball

        Michael Angelo, what is the power you claim to have? What you don’t know is; power is not that you’re a president; the power is in Unity and Upper Nile states; because they have the oil that run the country’s economy. Now you know where the power is located.

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        • 12 September 2012 08:30, by Overthow Dinka Regime

          Why are you arguing on a small case, don’t you know that all Dinka are the same in all side where they live in the world that from Greater Bor to Greater Bar el Ghazal are all thieves and corrupts whose minds is only to thinks,satisfying his/her own needs rather than the citizens.
          look at you feuding with leadership of South Sudan, forgetting that other communities in the South can get it.

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          • 12 September 2012 12:05, by Majok Akuecbeny

            My Dear,I have seen you comments poorly that Dinka are the corrupts in term of administration I am sorry to say you are lacking to differentiate between Government and Tribes.You are kind of person demoralizing South Sudan in Peace Building this is right time for youth to preach peace across the region.If I am not lying there is good presentation in Central Government this is not Dinka Government.

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    • 12 September 2012 07:44, by Madina Tonj

      Quol Quot
      Never mine, Gogrialan people are not going to rule South Sudan forever. I don’t favor the way these Gogrialan does things special, nepotism and alluding policy, but also I don’t support your Idea for war. We are supposed to works hand to hands even though you don’t like them just cooperate for the nation building and yes, for our people indeed.

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      • 12 September 2012 08:02, by Peter Marko

        My brother, Madina Tonj, you should stop insulting people of Gogerial. Look at Kiir adminstration. It is so deverse in term of its statism make up. In fact, there are only four people from Warrap state in this current adminstration, including Kiir himself. H. Nhial Deng, from Tonj, Deng Alor, From Abeyi, and Salva Mathok, from Apouk. Where is the nepotism and alluding policies u r talking about?

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        • 12 September 2012 08:29, by Madina Tonj

          Peter Marko
          I like your question. Look I am not a person who cover up people, the nepotism and alluding policy which I had mention is transfer of Warrap’s capital to Kuacjok area. 3 Generals from Gogrial fool Anei Kueidit telling him president is going to appointed you as governor but we need capital to be transfer.Bol Madut told president, people are not happy and Salva Kiir said, is done

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          • 12 September 2012 08:55, by Peter Marko

            Brother, Madina Tonj.
            Transfering the capital of the state in Kuacjok is not a big deal. The capital of a state is nothing preminent, n it could transfer from time to time to a different city within Warrap. Remember who our state was named after warrap village and transfer to it 1994, during Kongour era. Back then, no body complian why the capital was transfered to Warrap village, instead of.....

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            • 12 September 2012 08:56, by Peter Marko

              …Tonj or Gogerial. My brother, we the people of warrap state never had any problem until George Kongour came with divisive politics that set people of tonj against those of Gogerial. Look how Kongour used to appoint all the state official from his cousins, starting the governor Arop Achier, Methiang, Akoul, Kon, just to mention more....

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              • 12 September 2012 09:00, by Peter Marko

                ....For your information, not a single person from tonj that is not from Kongour clan was in the state cabinet, back then. My brother, let us leave the politics that divide us behind, and work together in order to build our state. Pointing fingers at each others will not slove our prolems. Look, how we left behind in term of development because of not comming together, in kuacjok....

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                • 12 September 2012 09:01, by Peter Marko

                  What we, the people of Warrap state, should focus our energy on it right now is to make Nyadeng Malek one term governor, and elect somebody else who is capable of putting plans into actions, regardless what part of Warrap state s/he from.

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    • 12 September 2012 09:05, by Dinkawarrior

      Mechael Anguala and Peter Morathuok!
      You tribalists of (Bahr el Ghazal) must be crazy, look the ways you diverted the topic! Be harry now and filling your big stomachs before we give it to either Upper Nile or Equatoria. Yes, you looted the government. But be sure 2015 will turn ugly if Salva Mathok is still keeping his mouth in our resources!!!

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  • 12 September 2012 07:33, by Madina Tonj

    Wait a mintue governor you said, the central bank has enough money to runs the nation for five years but why the polices a cross nation are facing cut? How do you answer this question? Secondly, the budgets have to be examine for 10 or 20 years but I am sorry five years are not enough if you really know how many needs does your citizens wanted, please use common sense because nation is big

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  • 12 September 2012 08:07, by Jalaby

    To Central Bank Governor,
    Yes,I can believe you that S. Sudan Central Ban reserves can last five years or may be more but under only one condition sir:The 75 thieves authorities return $4bn that they stole otherwise no one will ever buy your story other than naive people or thieves themselves!
    People die of hunger & diseases everyday,stop lying

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    • 12 September 2012 08:17, by Mabor Malou

      The Governor of Central Bank of South Sudan might be right in denying repeatedly in several occasions the colllapsing of the South Sudan’s Economy simply because he is in differnt system. He can not feel what a common man in South Sudan is going through.

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      • 13 September 2012 21:17, by Ruach

        Too much and fake money was printed by Garang booys.The 75 thieves are members of Bor groups of thieves.When are Bor going to satisfy?Nobody knows

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    • 12 September 2012 08:19, by Hardball

      Jalaby, we have this under control, just go and worry about your crashing economy! We will call you if we need your help. Do you understand? Stop being like a fly which doesn’t go away on people’s faces!

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    • 12 September 2012 09:25, by Dinkawarrior

      Homo-Jalaby!
      Our 75 Thieves are the same with your 1,000 Thieves so just go and be advisor to your thieve and we will take care of ours!

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    • 12 September 2012 13:22, by kimo

      you are absolutely right jalaby,may be there this a secret agreement that convinced the 75 thieves to return the $ 4 billions...good news from the central bank governor

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  • 12 September 2012 08:43, by Pif Paf

    This is one funny governor. Does he really think the citizens r that stupid? Soon he will be writing an apology letter like Mr.Kiir. I think he should take the template from Mr.Kiir now and save time.

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  • 12 September 2012 12:47, by Samuel Malual

    Yes gentlemen, Gogrial kitchen cabinets are praising God for their succeeding over Garang’s assessination. What is meaning of Koriom? In English (Koriom) is a locuast that destroyed corps.Appointing a corps distroyer was not a good idea, but the want to make history in Gogrial.

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  • 12 September 2012 12:52, by Samuel Malual

    Yes gentlemen, Gogrial kitchen cabinets are praising God for their succeeding over Garang’s assessination. What is the meaning of Koriom? In English (Koriom) is a locuast that destroyed corps.Appointing a corps distroyer in the first place wasn’t a good idea, but according to Gogrial regime of corrupt people,they want to make history in Gogrial. Almos

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  • 12 September 2012 12:55, by Samuel Malual

    I mean almost every corner of South Sudan, their employees are people of similar nature. The entire members of the SPLM Political Bureau are thieves and murders that deserve no single rights to lead us but because of their killing attitudes, they are ruling us.

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  • 12 September 2012 21:05, by Tribe

    My Dinka’s friend used to tell me this quotation in Dinka when we used to converse,but i didn’t grasp n reflect on it until today.It says "wokliik ku wo lokot ne wut amoochi" meaning we are small and inflamatory matching to your big asses. It’s deep when i watch the behaviors and the trends these majority are recklessly and stupidly acting here in Juba.They’re with no structure and leadership.

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    • 12 September 2012 21:17, by Tribe

      cont..yes they have a leader but lack individual leadership.Their number could’ve been a plus if rightly used. However,for being who they are,i see the minorities who’re rightly using their smallerness productively and will be better-off at long-run.

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      • 12 September 2012 22:54, by Mou

        How many months without salary? What is that huge money doing in the Central Bank for five years sir?
        Who do you want to pay with that money?
        Before I believe you please pay civil servants and government staff then let the payment be regular and I will agree with you otherwise yours is rubbish by now.

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  • 13 September 2012 00:49, by Mohamed

    Very funny mathematics....
    Central bank of South Sudan has reserves in local currency?
    Even the united states has reserve in gold bullion.
    Libya has reserve in us dollars, North Sudan has reserve in US dollars, every country has a reserve in either dollars or gold.
    south Sudan has reserve in funny money for 5 years?
    Very funny mathematics....

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  • 13 September 2012 04:49, by Samuel Malual

    @ Tribe, stop generalising innocent Dinka population. Most us on this forum are Dinkas and we the one who criticised the rulers in Juba. Corruption in South Sudan is not only Dinkas that are looting public fund, but a disease within the SPLM’s leadership. E.g. Pagan Amum is the leading thief of all thieves, Dr. Riek, James Wani and Anthony Makana. Are they Dinkas?

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  • 13 September 2012 08:33, by Seigneur

    My friend Samuel,
    South Sudan is regreting the fact that, it is being managed by corrupt people the so called "Dinka Government".
    If this Country was to be governed by any other tribe within the South, there would have been a sense of transparency, good governance, rule of law, respect of Human Rights and dignity etc... people who fear God and brought up by Humans not by Animals ’cattle’

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  • 13 September 2012 14:17, by Embezzlers

    Mr. Central Bank Governor, I can describe u as incompetent, failed and corrupted official in Republic of South Sudan! If u have not been able to release worker’s salary what else do u think u have done successful to the people....u only develops ur family and ur stomach finish, wait for 2015 u and ur oga will goooooooooooooo!

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