Bank of South Sudan’s Governance, Nature, Development, and Economic Impact of the Banking Sector

• Author(s): Maring Albino Ajak
• Paper ID: 1708881
• Page: 58-68
• Published Date: 05-06-2025
• Published In: Iconic Research And Engineering Journals
• Publisher: IRE Journals
• e-ISSN: 2456-8880
• Volume/Issue: Volume 8 Issue 12 June-2025

Abstract

The Central bank of South Sudan was established in 2011 following the country's independence from Sudan. The central bank is responsible for making and implementing monetary policy, issuing currency, and regulating the financial system. Since its inception, the Bank of South Sudan has faced numerous challenges, including a weak banking system, limited financial infrastructure, and a volatile economic environment. Despite these challenges, the bank has taken steps to strengthen the financial sector and promote economic growth. The central bank's primary objectives is maintain price stability, which it seeks to achieve through monetary policy tools such as regulating the money supply and setting interest rates. The bank also has a critical role of promoting financial inclusion by working to help the undeserved communities have access to financial services. To address the challenges facing the financial sector, the Bank of South Sudan has implemented several reforms aimed at strengthening the banking system and improving financial infrastructure. These include the introduction of new regulations, the establishment of a credit reference bureau, and the development of a national payment system. Despite these efforts, the Bank of South Sudan continues to face significant challenges, including a high rate of inflation, limited foreign exchange reserves, and a lack of confidence in the banking system. To address these challenges, the bank has focused on implementing sound monetary policies, increasing foreign exchange reserves, and working to restore public confidence in the financial sector. In conclusion, the Bank of South Sudan has a crucial role in promoting economic development and growth in the South Sudan. Despite facing numerous challenges, the bank has taken significant steps to strengthen the financial sector and promote financial inclusion. Going forward, the bank must continue to implement sound monetary policies and work to address the remaining challenges facing the financial sector to promote sustainable economic growth in South Sudan

Citations

IRE Journals:
Maring Albino Ajak "Bank of South Sudan’s Governance, Nature, Development, and Economic Impact of the Banking Sector" Iconic Research And Engineering Journals Volume 8 Issue 12 2025 Page 58-68

IEEE:
Maring Albino Ajak "Bank of South Sudan’s Governance, Nature, Development, and Economic Impact of the Banking Sector" Iconic Research And Engineering Journals, 8(12)