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Bank of South Sudan
Central Bank of South Sudan From Wikipedia, the free encyclopedia
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The Bank of South Sudan (BoSS) is the central bank of the Republic of South Sudan. Established in July 2011, by an Act of Parliament (The Bank of South Sudan Act, 2011), it replaced the now defunct Bank of Southern Sudan, a former branch of the Bank of Sudan,[3] which had served as the central bank of South Sudan, during the period between February 2005 until July 2011. The bank is fully owned by the Government of South Sudan.[4]
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Agreements and Memorandums
The Bank of South Sudan and Ministry of Finance and Planning have signed a Memorandum of understanding to improve liquidity and operational cash management by reducing dependency on physical cash and promoting digital transactions.[5] The document was signed by Central Bank's 1st Deputy Governor Samuel Yanga Mikaya and Finance's 1st Undersecretary Malual Tap Dieu.[5]
Location
The bank maintains its headquarters in the city of Juba, the capital of South Sudan, with branches in the towns of Wau, Yei and Malakal.
Organization and Governance
The Bank of South Sudan is the central bank of the Republic of South Sudan. It is headed by the Governor of the Bank of South Sudan. The Bank is the only institution that is constitutionally mandated to issue the South Sudanese pound.
Duties
The main functions of the Bank of South Sudan are:
- To function as the central bank of South Sudan.
- To establish and supervise conventional banking services in South Sudan including licenses to financial institutions according to rules and regulations issued by the board of directors.
- The management of the bank is under the Governor of the Bank of South Sudan, who will manage the conventional banking system in South Sudan according to prevailing rules, regulation and policies.
- To act as the bank to the Government of South Sudan, as an adviser and agent thereof in monetary and financial affairs.
- In the discharge of the duties, responsibilities and mandates thereby required and imposed upon it, to exercise the power and supervisory authority so conferred, in a manner consistent with the ordinances and regulations stipulated in the laws that govern the bank.
- The Bank of South Sudan shall be in charge of supervising and regulating commercial banks in South Sudan.
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Management
Governors of the Bank of South Sudan
The Governors are appointed by the President of South Sudan.
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See also
References
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