The Board of Directors of the Bank of South Sudan, in its regular sitting No. 30/2018, concluded a three-day meeting (December 18 -20, 2018). In the course of the meeting, the Board deliberated on a number of key issues and made a number of important resolutions as follows:
- The Board deliberated on the third quarter macroeconomic review and noted the positive signs of stability in the key macroeconomic indicators, which signals prospects for economic recovery if these positive signals are sustained.
- There are signs of relative stability in the exchange rate and the SSP has gained 32.2% of its value against the USD Dollar during the quarter ending September 2018.
- Inflation 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 phase of growth in money supply has slowed from roughly 19.1% in the second quarter to around 2.5% in the third quarter 2018, and the current account balance remains positive.
- To ensure that this positive trend continues, the Board discussed and passed the Bank of South Sudan’s Monetary and Banking Policies for the year 2019. The Policies are directed at achieving and maintaining general
price stability for the year 2019, with a target of reducing headline
Ww inflation to low double digits of 25 per cent with a margin of +5 percentage points. In addition : a. to focus and control the growth of money supply during the year by managing liquidity and the base money expansion, b. to encourage commercial banks to increase lending to the private sector, particularly to the productive sectors; and c. to build international reserve consistent with the East African Community long term convergence criteria.
- The Board discussed and passed the Bank of South Sudan’s annual work plan for 2019. This plan outlines the key activities that the Bank will engage in 2019, including the institutional transformation in line with the Bank’s five year-strategic plan (2018-2022), and improving the efficiencies in delivering its mandate etc.
- The Board discussed and approved the audit report as presented by Deloitte and the National Audit Chamber. The completed audit covered the Bank of South Sudan’s accounts for the year 2013, 2014, and 2015.
- The Board reviewed and passed the Bank’s Budget for the financial year
- The budget was prepared by considering the Bank’s five year- strategic plan 2018-2022; the Bank of South Sudan Staff Sills Audit Report 2017; the Bank of South Sudan Staff Needs Mapping Report, October 2017.
Dier Tong Ngor
Governor, Chairman of Board of Directors
Bank of South Sudan