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S. Sudan Central Bank governor could be impeached over currency devaluation, MPs warn

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November 14, 2013 (JUBA) - Members of South Sudan’s National Legislative Assembly have warned that they may seek to impeach the governor of the Central Bank of South Sudan after he made the unilateral decision on Monday 11 November to devalue the national currency, generating public outcry.

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

On Wednesday the central bank reversed its decision to devalue the South Sudanese pounds (SSP) by up to 35% against the US dollar after receiving a directive from the national parliament.

The reform, according to officials at the bank, was to close gap between official and black market rates of exchange, hoping that it would ensure price stability.

Legislators reacted to the move my tabling a motion calling for the South Sudan’s minister of finance, Aggrey Tisa Sabuni and the governor of the central bank, Kornelio Koryom Mayiik to answer questions in parliament.

Appearing before the house during a live broadcast on Friday, Mayiik said he received the summons late on Tuesday and needed more time to prepare a comprehensive report on his decision.

"I have listened and followed very closely the decision of the house. I have respected it; this is the will of the people, so we cannot do otherwise".

The "bank shall immediately revoke the decision", announced the governor.

However, many MPs expressed dissatisfaction with the initial explanations made by the central bank governor and warned that they may try to impeach him if the report he produces is not convincing.

The central bank governor did not inform the house of the reasons behind the reforms he announced or elaborate on how the bank was attempting to control inflation.

The parliament gave Mayiik until Monday to prepare his response.

"If he fails to come to the house with a comprehensive report, the house will definitely impeach him and ask the president to appoint [a] new person. We do not want people who wake up and make unilateral decision without due considerations", Jacob Deng, a Member of Parliament told Sudan Tribune on Friday.

Senior MP, Paul Mayom Akec, who was one of the legislators who reacted to devaluation by denouncing the move in a speech in parliament, told the house, in a statement broadcast by the state television on Wednesday, that MPs were not satisfied with the justifications given by the bank’s governor over why he made the financial intervention.

"As we have listened to the initial statements of the Governor, the delay for not having formulated a full written response to this August house is not justified, for the simple reason that his declaration on November 11, made several children and mothers go hungry. They could not afford buying food yester[day] night", he said.

Akec is a senior member of South Sudan’s ruling Sudan People’s Liberation Movement (SPLM) who has served as a regional minister at various positions before secession from Sudan.

He became the new nation’s minister of water resources and irrigation after independence in July 2011, remaining in his position until president Kiir’s cabinet reshuffle in July 2013.

Akec was one of the few officials who went to the national parliament unopposed during the 2010 general elections, representing constituency number five in Rumbek East county of Lake state.

(ST)

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  • 17 November 2013 06:14, by dude

    Man, I am tired of stupid bank governor. Don’t you guys love your people South Sudanese?. Why make the deciions in according to your will and benefits. What about your own people who live in your own land.

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    • 17 November 2013 07:10, by jijury

      Incompetent Kiir has over & over again violated the country constitution removed elected governors; and never ever had we hear any member of parliament calling impeachment on him. This governor was not acting alone. It’s a well planed idea in which the president has knowledge of let’s not beat around the bush. Leave the governor alone he was simply just following the order.

      repondre message

  • 17 November 2013 06:24, by Malou Manyiel

    We the citizens, would love to see the parliament doing their mandates. South Sudan is very big of which one person or individuals cannot have decision imposed on without clear reasons. Decision of devaluing country’s currency cannot be decided by one to two people. How would this decision change economy of the country where 90% of its population are rural poor living below poverty line?

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    • 17 November 2013 07:13, by Naath

      I don’t blame the governor of central bank,the guy is innocent,you can’t blame someone who don’t know about the job just blame the appointed him,those who has been appointed by hopeless kiir are the so called help the president,they are not well qualify for job, this this consequences,impeached but mot the right answer.impeach kiir before him that will make sense

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      • 17 November 2013 22:41, by Bilpam Land & Itang are Roots of South Sudan.

        Naath Brother we are all blaming Gogrial Power because they are just controlling all the Powers in South Sudan from Top to bottom Studies from Gogrial Supprime Court not South Sudan Supprime Court and many more we are hunging like Slaves People in this Country.
        if we are not Impeaching Imcompetent Kiir Mayardit by Force he will never Respect us any more.

        repondre message

      • 17 November 2013 22:46, by Bilpam Land & Itang are Roots of South Sudan.

        Naath Brother we are all blaming Gogrial Power because they are just controlling all the Powers in South Sudan from Top to bottom Studies from Gogrial Supprime Court not South Sudan Supprime Court and many more we are hunging like Slaves People in this Country.
        if we are not Impeaching Imcompetent Kiir Mayardit by Force he will never Respect us any more.

        repondre message

  • 17 November 2013 06:31, by kamal

    Go a head kick his ass such a fool from war rap cannot be employ in national institution like central BANK OF SOUTH SUDAN

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  • 17 November 2013 08:57, by Simon Peter Wal

    This time round the Parliament must keenly listen to the governor of the central bank and the minister of finance and find out why they unilaterally devalued the currency without considering any consultation with other government bodies like the parliament and the cabinet.let them answer the people of S.Sudan otherwise they have to face impeachment.

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  • 17 November 2013 14:10, by Ito

    Brothers and Sisters, It is wrong for the the parliament and for some of us to blame the governor of the Central Bank simply because he is not qualified for the job. Technical job like his need an expert in the field of economic, and finance and but our president is taking every appointment as a joke. For example, appointing an engineer to be minister of health and doctor to be minister of roads.

    repondre message

    • 17 November 2013 18:55, by Peter Mading

      Do not mixed realities with lies. The Reality is that Parliament is right to impeach the Governor of the Bank and that’s is why he made unilateral decision. He came through Tribalism and not by qualification and This notion must stop that says ’if you work as a banker you are qualified to be a governor’. He’s no convincing point at all. Again, Mayom Akec contested and he did not come as unopposed.

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  • 17 November 2013 18:58, by Jojo

    The Governor of CBSS must be impeached! South Sudanese citizen are sick of hearing pardon always.
    If you don’t know about this Koroyom, he had been working with Central Bank of Sudan (Khartoum). What do you think he action means? He will sell all our dollars in Bank to his friends in Khartoum who promised to give him four storey house and the daughter of governor of Central Bank of Sudan.

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  • 17 November 2013 20:37, by Whortti Bor Manza

    Kornelio Koriom or KK is a frailed old man trying to maximize his fortune by massing up illicit wealth through forex bureaus and illegal commercial banking in the name of his corrupt son. In the first place he shouldn’t have been there as he was already retired by Khartoum. See how he nearly made Ivory Bank collapse. Even to date Ivory Bank has not recovered from his saga. Sham on you old man.

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  • 18 November 2013 06:47, by Fundamental Change icon

    How can Kornelio wake up in the morning and announce devaluation by 34% in a country like south Sudan which entirely depends on imported goods and services even including prostitutes? Has Mr. Governor seen any manufacturing plants in south Sudan since creation?Mr.Governor needs to be referred to Juba teaching hospital for medical check up to acertain his mental soundness.

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  • 18 November 2013 11:44, by Agutthon

    Bury your heads in the sand. koryom is qualified beyond your imagination, he is economics major. Something you have forgotten is that the Central Bank Governor does no work alone he has a board of Directors which is a policy maker. What kind of a country that trades currency on the streets? Stop economics of the belly.

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