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International Representation:

  • The Bank of South Sudan serves as the official representative for the country in all international gatherings, councils, and organizations related to:
    • Monetary policy: This includes discussions and decisions regarding managing interest rates, inflation, and the overall money supply.
    • Banking regulation and supervision: The Bank works with international bodies to establish and maintain sound regulations for banks and other financial institutions.
    • Other relevant matters within its expertise: This could encompass financial inclusion initiatives, anti-money laundering measures, or international financial cooperation.

Monetary Policy Objectives:

  • The Bank of South Sudan’s monetary policy prioritizes achieving price and financial stability. This translates to controlling inflation and maintaining a healthy financial system that fosters economic growth.
  • While price stability is the primary focus, the Bank also considers secondary objectives:
    • Supporting the Ministry of Finance’s real output targets: This may involve measures to promote economic activity and achieve desired growth levels.
    • Building the Bank of South Sudan’s reserves: Maintaining adequate foreign currency reserves strengthens the country’s financial resilience and ability to manage external shocks.


Monetary Policy Framework

Monetary Policy Reforms in South Sudan

To address the country’s economic challenges, the Bank of South Sudan undertook significant reforms to its monetary policy framework in late 2017.

Shifting Exchange Rate Regimes (December 2015):

  • The Bank abandoned the fixed exchange rate system that had been in place since South Sudan’s independence in 2011.
  • This move transitioned the country to a floating exchange rate regime, allowing the value of the South Sudanese Pound (SSP) to fluctuate based on market forces.

Adopting Reserve Money Targeting (Late 2017):

  • To enhance macroeconomic management, the Bank of South Sudan implemented the reserve money targeting framework (RMTF).
  • This framework focuses on controlling the amount of reserves held by commercial banks, aiming to indirectly influence inflation and economic activity.

Why the Change?

The previous monetary targeting regime (MTR), while simpler to implement, may not have been effective in South Sudan’s specific economic context. The RMTF offers a potentially more suitable approach for achieving price stability and fostering economic growth.


Monetary Policy Statement

The Bank of South Sudan releases monetary policy statements twice a year.

  • December Statement: Published at the end of the year, this statement outlines the Bank’s monetary policy direction for the following six months.
  • June Statement: This mid-year statement addresses the remaining months of the year.

Content of the Statements:

These statements typically cover three key areas:

  • Review of Past Performance: The Bank summarizes its achievements and challenges in meeting its monetary policy objectives during the previous period.
  • Current Economic Assessment: The Bank analyzes the current state of the South Sudanese economy, including factors impacting inflation and economic growth.
  • Monetary Policy Outlook: The Bank provides guidance on its intended monetary policy strategies for the coming period, aiming to maintain price stability and promote a healthy economy.


Bank of South Sudan Monetary and Banking Policies for the Year 2019

Monetary and Banking Policies 2018

Monetary and Banking Policies 2017

Monetary and Banking Policies 2016