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S. Sudan’s Central Bank sells $10m to commercial banks

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September 15, 2016 (JUBA)- The Central Bank of South Sudan has, in a bid to salvage the country’s crippling economy, auctioned up to $10 million to various commercial banks.

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Kornelio Koriom, South Sudan Central Bank Governor addresses the media in Juba, September 11, 2012 (ST)

The governor of the Central Bank, Kornelio Koryom said the move was to enable banks supply traders and companies to import goods into the country.

He urged all commercial banks to use the money in a responsible way so as to benefit all people of South Sudan.

"The banks shouldn’t use the money for their own gain. Sell the little you got here in a very responsible way. You can’t be rich in a day," said Koryom.

It is, however, not yet clear as to how much each of the 24 commercial banks operating in the young nation received.

Several traders attribute failure to import goods into the country to the alleged failure by government to pay them for goods supplied in the past.

(ST)

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The Sudan Tribune editorial team.
  • 15 September 14:15, by Mr Point

    The government says that people "shouldn’t use the money for their own gain ..... You can’t be rich in a day," but Kiir’s 12 year old son manages an oil company.

    Kiir’s wife and her gunmen took over a communications company.

    Kiir has mansions in Kenya but 2 million S Sudanese are homeless because of Kiir’s Wars

    Kiir is a “Smart boy for life enjoying first class”

    War Crimes millionair

    repondre message

    • 15 September 15:51, by Mapuor

      Dear Mr Point

      Your mentors are the most corrupt people in South Sudan.Majak Agot,Oyai Deng Ajak,Pagan Amum,Gier Chuang Aluong,Malek Ruben,Salva Mathok Geng,James Hoth Mai,Pieng Deng Majok etc mercilessly looted South Sudan and bought mansions in the West.

      repondre message

      • 15 September 15:55, by Mapuor

        Dear Koriom Mayiik
        How many times have you auctioned dollars in the past and nothing changed. You killed all government employees by paying them less than 30 dollars a month. Just pay government employees in dollars instead of your barbaric idea of auctioning dollars to commercial banks that are not under your control.

        repondre message

        • 15 September 16:37, by jubaone

          How SPLA Generals have enriched themselves:
          1- inflated numbers of regular army to 350,000. Only 28% were on payroll, the rest money was pocketed;
          2-SPLA procurement, logistics, food etc. not vetted for instead direct to dubious companies;
          3-Old second-hand armoured vehicles purchased from Uganda later disguised as if from Ukraine, rest money shared between Museveni and SPLA generals;

          repondre message

          • 15 September 16:48, by jubaone

            4-Koriom Mayik made direct payments to Malong, no justification (reason=financing war machinery);
            5-War against Dr. Riak (SPLA-IO) necessary in order to avoid accountability and justify plundering the bank reserves;
            6-Unpaid Mathiang Nyors recruited as "cannon feed", against Riak. Many killed, maimed or starve to death rest live on looting, armed robbery and banditry especially in Juba, Wau and Ye

            repondre message

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