President Salva Kiir has said that there is no money in the Central Bank.
The Central Bank keeps the deposits of the national and state governments and makes payments on behalf of governments.
It is also the country’s main regulator of currency and custodian of cash reserve of commercial banks.
President Kiir says the value of the pound also keeps on deteriorating and these facts have made South Sudan a “laughing stock” in the world.
He said the leaders of the country have to think of ways to increase production so as to retain the currency’s value.
“That [attempted] forceful taking of power has brought us now to this stage where we have no money in our bank, we have nothing and so we have become a laughing stock worldwide,” he said during the swearing-in ceremony of the new Minister of Finance, Salvatore Garang Mabiordit.
He instructed Garang to work in collaboration with other ministers.
“We’ve lost the value of our currency and there is nothing that we can do soon to retain our currency’s value unless we produce,” he stressed.
“This is a challenge that is ahead of you and you must think how to get out of this.”
Salvatore Garang Mabiodit was appointed on Monday evening in a presidential decree read on the state-owned SSBC.
He succeeds Stephen Dhieu Dau, who had held the position since 2014.