Central Bank denies reports it run out of currency

Logo for South Sudan’s Central Bank (File/Supplied/Nyamilepedia)

August 21, 2020 (Nyamilepedia) – South Sudan Central Bank has denied in a statement this afternoon that it has run out of hard currency saying the financial institution was working to diversify the country’s source of revenue.

Yesterday, the second deputy governor of the Central Bank was quoted widely in the media as saying that Bank has run out of foreign reserve and as such the country’s economy was deteriorating.

However, in a statement this afternoon, the Central Bank Governor Jamal Abdallah Wani denied the reports and said the bank was working hard with the minister of finance to resolve economic issues facing the nation.

“Bank of South Sudan denies the accuracy of some reports circulated recently by the media. It noted that the impact of gloomy global economic outlook triggered by COVID 19 and lower oil prices have tolled negatively on the economy of South Sudan,” he said in the statement.

“The bank, in conjunction with the Ministry of Finance, seeks to secure the budget support to the Ministry through negotiation with IMF and World Bank. It also seeks the balance of payments support.

The bank is also unlocking other resources such as gold to supplement its reserve. It is also working in conjunction with other competent authorities to market Gum Arabic, with a view to diversify the economy,” he added.