President Kiir fires Central Bank Governor Jamal Abdallah Wani
Nov 02, 2020(Nyamilepedia) — President Kiir has fired the Central Bank Governor, Jamal Abdallah Wani in a public decree that was read out on the national TV station, South Sudan Broadcasting Corporation (SSBC).
The central bank governor has been replaced by his predecessor, Dier Tong Ngor who had left the position in January this year.
The decree did not cite the reasons as to why Jamal Abdalla has been fired, however, South Sudan has been going through economic crises for the past few months.
In august, the ousted central bank governor had announced during a press conference that the country has ran out of its foreign exchange reserve and that there is nothing the bank can do to stop the South Sudanese pound from further depreciating against the U.S. dollar
“It’s difficult for us now at this moment to stop this rapid exchange rate because we don’t have the [foreign] reserves for us to intervene in the market,” said Daniel Kech Pouch, a bank second deputy, at a Wednesday news conference.
In October, information minister Michael Makuei Lueth told a news conference in the capital Juba that following a cabinet meeting the cabinet has decided that the current currency should be changed so as to improve the country’s economic situation.
The announcement led to unprecedented loss of value for the South Sudan currency.
Although the president denied the plans to change the currency, its value kept on depreciating.
South Sudan’s economy has been devastated by several factors since independence in 2011, including a 5½-year civil war, a drop in global oil prices, the COVID-19 pandemic and the recent announcements of lack of foreign exchange currency and change of currency.