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S. Sudan’s new bank governor confirms appointment

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May 10, 2018 (JUBA) – The newly-appointed Central Bank governor, Tier Tong Ngor has accepted his appointment and downplayed fears that the regular changes would hurt the institutions operations and affect monetary activities seeking to tackle the rising inflation.

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South Sudanese president Salva Kiir (AFP)

"Yes, I confirm my appointment as the governor of our central bank. This happened yesterday but i was informed about it today morning. I received the decree of appointment today", Ngor old Sudan Tribune Thursday.

President Salva Kiir appointed Ngor after sacking his predecessor, Othom Rago Ajak through a republican order issued on Wednesday.

Albino Dak Othow was appointed first deputy governor in a separate order.

The new governor, however, told Sudan Tribune the changes did not affect the bank’s activities and it remained stable, stressing that the bank will “continue to facilitate the smooth functioning of financial markets, with focus on maintaining the exchange and interest rates as well as “monetary and financial stability in the country”.

Meanwhile, the presidential spokesman Ateny Wek Ateny said the action of the president was motivated by the desire to “urgently reshape and re-structure the top leadership of the Central Bank for greater efficiency, respect for due process and accountability

He assured the public and the international community that the change would not affect the bank’s “monetary policy direction”.

The Central Bank of South Sudan governor, among other roles, manages the conventional banking system in the country, according to prevailing rules, regulation and policies, in addition to acting as government’s adviser on its monetary and financial affairs.

STRATEGIC PLAN

In March this year, the Central Bank launched an ambitious five-year strategic plan to tackle hyperinflation and revitalize the oil-dependent economy worsened by more than four years of conflict.

It was, at the launch, hoped that the new plan would help transform the central bank, regain lost credibility and help in fostering and ensuring price and financial system stability within five years.

(ST)

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Kind regards,

The Sudan Tribune editorial team.
  • 11 May 08:38, by Kwacha Okonyomoi

    Congrats to the new Governor. But I am afraid you will be sacked within a year.

    repondre message

  • 11 May 08:38, by Kwacha Okonyomoi

    Congrats to the new Governor. But I am afraid you will be sacked within a year.

    repondre message

  • 11 May 08:55, by MTN junub

    Promotions are done base on performances and evaluation what change do you think Tier Tong will bring when he was part of the bank system was he not working at the central bank when Dollar rate is skyrocketing? when shall we wake up from repeating same old firm mistakes

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  • 14 May 12:54, by John132

    The level of literacy of the population of Southern Sudan is one of the lowest in the world. According to some estimates, 90% of the population can neither read nor write. The years of the Civil War left their mark on this country. The government of Southern Sudan has to solve the most complicated problem of education. Our collective from https://homeworkneeded.com wishes good luck!

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