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South Sudan’s Central Bank governor sacked

May 10, 2018 (JUBA) – The Governor of South Sudan’s Central Bank, Othom Rago Ajak has been fired and his deputy Tier Tong Ngor was on Thursday named as his immediate successor.

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Former South Sudan Central Bank Governor Othom Rago Ajak (Getty)

President Salva Kiir signed the decree removing Ajak, but no reason was given for his decision.

Since the outbreak of a civil war in South Sudan, inflation has been on the rise in an economy largely dependent on oil revenues.

The president appointed Ajak to be the Central Bank Governor in January last year. He succeeded Kornelio Koryom Mayik.

STRATEGIC PLAN

In March this year, the Central Bank under Ajak 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 hoped 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.

The plan involved among others, building a new bank headquarter, increasing public exchange reserves, organizing its system, operations as well as building human resource capacity.

(ST)