South Sudan Central Bank announces it regarding the “pound”

Juba- Al-Zawiya Net- The Central Bank of South Sudan officially announced the start of a comprehensive reform path for the national currency, “The South Sudanese pound”, during a high-level meeting chaired by the bank’s governor, Dr. Addis Ababa, with the participation of its first and second deputies, along with prominent financial and economic leaders.

This announcement comes in the aftermath of the formation of a special currency management committee, which will be responsible for overseeing the restructuring of the pound in accordance with the latest regional and international standards, while reviewing previous monetary policies with the aim of enhancing price stability and consolidating a more efficient and confident financial system.

In his speech during the meeting, the governor stressed that the reform process will be “comprehensive and does not neglect anyone”, noting that the bank is determined to address the structural challenges in the monetary system, especially the liquidity and inflation crises, through balanced policies and an active digital transformation.

The most prominent axes of reform in “strengthening monetary policy to confront the crises of liquidity and exacerbation of inflation, accelerating the digital transformation within the banking sector and improving financial access to the development of safety characteristics in the national currency to reduce forgery and imitation operations.

The first deputy governor, Samuel Yanqa Mikaya, was assigned to chair the currency management committee, where he announced that the first urgent tasks of the committee will be “the diagnosis of the current monetary reality and the presentation of concrete solutions to the liquidity crisis within weeks.”

In turn, the deputy governor, Rita Nianker Akoon, described this initiative as a “historic transformation”, praising the proactive vision of the governor and his keenness to lay down strong critical foundations that contribute to the stability of the national economy.

This step is seen as a detailed transformation of southern financial policies, in light of the government’s endeavor to enhance the confidence of citizens and investors in the local pound, and to direct the economy towards a more coherent and sustainable path.