Ministry of Justice receives amended bills to protect independence of the central bank
By Adia Jildo
South Sudan’s ministry of justice has received two critically amended bills that are aimed at shoring up the independence of the Bank of South Sudan.
The Bank of South Sudan Amendment Act, 2011 (Amendment) bill, 2023, and the Banking Act, 2012 (Amendment) bill, 2023 handed over on Monday by the National Constitutional Amendment Committee (NCAC) will ensure monetary policy and the financial transactions are done according to the laws of the country.
“The laws basically seek to strengthen the Bank of South Sudan in terms of its independence, its efficiency, and its effectiveness in regulating the banking sector. The reforms are being done to strengthen the economic and financial sector in the country to ensure that the foundation is laid for development,” Gichira Kibara, the Chairperson of the NCAC told journalists in the South Sudan capital, Juba.
Kibara said commercial banks have been misbehaving with their clients which has left many people to mistrust banks to keep their money safe.
“For people to have confidence in the banks, the banks must be regulated properly by the Bank of South Sudan and for it to do that there must be legal provisions that allows for the supervision of the banks,” he said.
Kibara added that there is need for foreign reserves to be regulated in order for the Bank of South Sudan to be able to reassure those who are in need of importing goods.
He disclosed that the NCAC has many pending laws to be amended laws but they have been disrupted due to delays in submission of the amended proposals and late payment for national members of NCAC.
Dr. Isaac Gabriel, the Undersecretary in the Ministry of Justice, said the bills will help in organizing the banking system in South Sudan.
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Our laws are being amended to meet international and regional practice so that the mentioned application of those laws will be simple and passable, and the people will have access to those rights,” he said.
Gabriel said the laws will regulate the foreign exchange rate.
“When you put your money in the banks, you will be able to get it there,” he assured.
Gabriel said the two amended bills will be forwarded to the cabinet for consideration.
