South Sudan President Salva Kiir: No More Bank Cash Shortages

• South Sudan's President Salva Kiir has sworn in a new central bank governor to address cash shortages.
• The new governor, Addis Ababa Othow, has pledged to implement reforms to restore public confidence in the banking sector.
• Othow's priorities include strengthening monetary stability and improving governance in the financial sector.
• The government seeks to curb inflation, improve access to banking services, and restore confidence in a financial system under pressure.

I will not tolerate whatever is done here. When people deposit money in their accounts and they come tomorrow to withdraw it, they are told there is no cash.

In a move aimed at restoring public confidence in the country's troubled financial sector, South Sudan's President Salva Kiir has sworn in a new central bank governor. Economist Addis Ababa Othow takes over from Johnny Ohisa, who was dismissed without explanation on Wednesday. This change comes as part of a series of senior government reshuffles, with South Sudan grappling with declining revenues, high inflation, and recurring cash shortages that have strained the banking sector.

Kiir has issued similar warnings in previous years about the liquidity problems plaguing the banking sector, urging officials to ensure customers can access their deposits. However, cash shortages persist, with many commercial banks limiting withdrawals despite repeated government pledges to address the issue.

The new central bank governor, Addis Ababa Othow, has pledged to work closely with the government, financial institutions, and other stakeholders to rebuild public trust in the banking sector. His priorities include strengthening monetary stability, improving governance in the financial sector, and implementing reforms to address South Sudan's economic challenges. However, analysts warn that frequent leadership changes have done little to address the country's structural economic challenges, raising concerns over policy continuity.

Othow brings an academic background in economics, banking, finance, public administration, and development, with qualifications from institutions in Sudan and the Netherlands. His appointment comes as the government seeks to curb inflation, improve access to banking services, and restore confidence in a financial system under increasing pressure from South Sudan's prolonged economic crisis.

The swearing-in of Addis Ababa Othow as the new central bank governor marks a significant development in South Sudan's efforts to address its financial sector challenges. Kiir has directed Othow and other financial officials to implement urgent reforms to restore public confidence in the banking system and improve liquidity. The President emphasized that he will not tolerate cash shortages, which have left many customers unable to access their deposits.

While this move may signal a new era for South Sudan's banking sector, analysts caution that addressing the country's structural economic challenges will require sustained efforts and commitment from all stakeholders.

Lawyers advising clients in South Sudan should watch for potential changes to banking regulations and policies, as the new central bank governor has pledged to implement reforms to address cash shortages and improve liquidity.

Source: Original reporting via [Source Name]