South Sudan’s President Sacks Central Bank Boss

By Deng Machol

Moses Makur Deng

Juba – South Sudan’s President Salva Kiir has sacked his central bank head without gave a reasons for the changes.

Kiir appointed Moses Makur Deng as the new central bank governor, replacing Dier Tong Ngor, according to the state – based television on Monday.

Mr. Makur was previously worked as the director general for bank supervision, research and statistics at the central bank.

South Sudan’s economy is driven by oil, which accounts for nearly 90% of the country’s national budget.

The  five year civil war has badly shape the country’s economy.

The country has also witnessed the swiftly drop in global oil price as a result of Covid-19 pandemic.

Some South Sudanese online argued that the persistent reshuffling in the key institutions that are responsible for both Monetary and fiscal policies is alarming and would hamper the needed financial reforms and trust building process among the stakeholders.

Under Tong’s leadership, the bank introduced wide-ranging reforms to the financial markets last April, including a requirement that commercial banks quote a single foreign exchange rate to limit market distortions.

 

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