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Kiir urges new Central Bank governor to improve economy

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Governor of the South Sudan Central Bank speaks to the press after a meeting with President kiir on 17 January 2017 (ST Photo)
January 17, 2017 (JUBA) - South Sudan President Salva Kiir has urged the new Central Bank governor to help improve the deteriorating economic situation in the young nation.

“I want to repeat that don’t disappoint your people, because I followed the news in the evening, and your people had been writing a lot, congratulating you and thanking me for appointing all of you,” said Kiir after overseeing the swearing-in of the new officials.

“Now if they hear tomorrow that you went into a different corner, they will be very much disappointed, we don’t want this thing to happen. We are hopeful that you will change the situation" added the president in reference to loss in the value of the local currency.

Meanwhile, the country’s finance minister, Stephen Dhieu Dau commended the South Sudanese president for accepting his recommendations for the new Central Bank team.

He said the Central Bank governor and his deputy have lots of experiences in banking.

“We will do our best to revert the situation the country is in," further stresed the minister.

The new Central Bank governor, Othom Rago Ajak thanked the president Kiir for appointing him and pledged to work hard to improve the economy and reduce inflation.

He vowed to exert efforts to make economic reforms within 100 days of taking office.

“We are grateful to the president for selecting us and putting his confidence that we can run the bank. However, with the experience, we shall try our best with what is happening in our economy,” said Ajak.

“Of course the problem with the people of South Sudan is the inflation and instable and unstable exchange rate. We shall be working to address these issues and hopefully, we shall do something about it,” he added.

Ajak pledged to put in place regulatory systems to improve the economy.

(ST)

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  • 17 January 22:50, by lino

    The problem in South Sudan are 2 issues concerning the economy:

    1- Stealing the country’s fund.
    2- The country is not generating income.

    So, what are the new officials going to do about these? No money to steal now, but how are they going to generate income to the country’s Bank Accounts??? Are they going to add more debits???!

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    • 17 January 23:07, by barbayo

      Source life information from president , agreed with central bank governor the coming two weeks , official rate will be 500 SSP in central bank and commercial banks will be 516 ssp this policy going to implementing by governor and ministry of finance two week coming , all loans government took was already pay back that is why Koryom delay office because of loan, they cleared it ,and rate be back

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      • 18 January 12:19, by Eastern

        barbayo,

        There’s no magic bullet that the new CBoSS will use to turn things around. Kiir bled the coffers dry when the little that was generated from the declining oil sale to purchase arms from Russia and China to wage war. Only three years into the war Kiir started, the country is on its knees. The 500SSP to $100 is a pipe dream; if anything the situation will worsen....

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    • 18 January 06:35, by Midit Mitot

      Giving hope for nothing, where will this new guy get fund to rescue this economy? this will hopeless after ward.

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      • 18 January 14:09, by Akuma

        New BSS Governor will stored South Sudanese people hope again though Koriom killed it. It will be renew back again

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  • 18 January 03:15, by dinkdong

    How can the bank governor improve the economy without that epidemic corruption in South Sudan. That’s right, let the 75 government officials (including yourself) give up the over 4 billion dollars they stole and the economy will improve.

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  • 18 January 05:23, by Riek Machar

    The current economist team will not work for the sake of the country, they are Salva Kiir, team who are need adjust his banking account.
    © The current economic problem need only regime change rather than to appoint a relatives body to work for reform which is null.

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  • 18 January 05:40, by Tilo

    First of all ensure security situation is contained in the country, Allow citizen to resume their normal duties in the country. Stop all the fighting and make peace, Improve productive, reduce the central Bank rate to 500SSP and avoid corruption in all sectors and government institutions, and ensure Accountability is implemented.

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    • 18 January 06:26, by jubaone

      Tilo
      Kiir foolishly thinks replacing one governor after the other will improve the economy. He thinks bringing down the exchange rate is the economy. What a fool. What is economy? When, how and what are the forces and factors of an improving economy? Even the short-legged Dr. will fail cuz there is no enabling environment for economic growth.

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  • 18 January 09:29, by Hitler Alive

    Othom & his boss used a layman language to improve the economic shamble. I hope to have seen someone who have proper understanding of global economic aspects and this could have been achieved not through hand pick but vie a candidature process. Othom may not improve the economic as per se because he will be manipulated by the politician, including Kiir. Tackle federal deficit,balance of trade.

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    • 18 January 12:25, by Eastern

      I couldn’t agree more. Dr Othom, out of the excitement for new job, committed himself to achieve what may remain a pipe dream. A lot of the country resources is being directed to finance the war effort (paying salaries for soldiers, buying armament, etc). Dr Othom cannot stop Kiir from prioritising his own security at the expense of the masses - WFP is already feeding them anyway; tongue in cheek.

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