By Matik Kueth
The Governor of the Central Bank of South Sudan (BoSS), Johnny Ohisa, on Friday, announced the lifting of the cash withdrawal limit to SSP 10 million for individual accounts in an effort to resolve liquidity issues and boost public trust in the banking sector.
This directive came after a crucial consultation meeting that brought together managing directors of different commercial banks on December 12th, 2024, at the central bank’s headquarters in Juba.
In a statement, Ohisa noted that stakeholders are deeply concerned about the ongoing liquidity challenges afflicting both the banking industry and the general population.
“A key focus was the concerning trend of public cash hoarding, driven by widespread mistrust in the banking system. The Central Bank and the commercial banks collectively underscored the necessity of collaborating to combat these challenges,” Ohisa said.
He pointed out that entities agreed to collaborate to improve openness and trust within the financial framework and that management underlined the necessity of restoring public trust, which is critical for rejuvenating the banking sector and the economy as a whole.
Ohisa pointed out that to bolster public trust, the Bank of South Sudan also encouraged commercial banks to offer interest on savings accounts, an initiative designed to incentivize deposits and stimulate economic activity.
“This proactive approach signals a commitment from the central bank to ensure price stability and promote a stable, efficient, and trust-driven banking environment,” he stressed.
However, he reiterated the BoSS’s commitment to rebuilding ties between financial institutions and the general people, with the aim of establishing a more robust and resilient banking sector capable of effectively supporting the country’s economic stabilization efforts.