The Bank of South Sudan has said it adopted new monetary and banking policies that aim at stabilising the economy in 2019.
“The board discussed and passed the bank of South Sudan’s monetary and banking polices for the year 2019, BOSS governor, Dier Tong Ngor, said
The institution did not outline key activities it will embark on, but said the policies are primarily directed to achieve and maintain general price stability next year.
It’s focus will be on managing cash flow and expanding the bank’s reserves. The other will be to encourage commercial banks to increase lending to the private sector , among others.
Mr Dier Tong Ngor noted that between September and November 2018, the pounds gained value against the US dollar.
But, currently a dollar sells at 250 SSP at the black market rate. Despite the fluctuation, governor Tier said there were signs of relative stability in the exchange rate.
”The SSP has gained about 32.2% of its value against the US dollar during the quarter by September 2018,” adding that “inflation rate has been gradually dropping from triple digit figures 122.8% at the end of July 2018 to low double digits 41.8% in October 2018 and 33.5% in November 2018.”
The statement comes after the Bank’s Board of Directors concluded a three-day meeting on Thursday.