The Central Bank of South Sudan has secured a grant of over $10 million from the African Development Bank to improve its payment system in the country.
Central Bank of any given country is the authority responsible for a state currency. One of its functions is to serve as means of payment.
The payment system is a set of instruments, networks, rules, procedures and institutions that ensures the circulation of money.
“They have given us a grant of over 10 point US dollars,” said the Bank’s first deputy governor, Albino Dak Othow.
Mr Dak who revealed the offer at a dinner organised by South Sudan Bankers Association on Saturday in Juba, said out of the money, they received nearly $ 2 million,
Mr. Othow said the money will be used to reform the system and modernise it to enable easy cash flows.
“For us, 2019 will be a different year for the financial sector in South Sudan. We will continue to engage the Bankers association to make sure this thing has done.”
For her part, the chairperson of South Sudan Bankers Association, Ms. Bruna Siricio said:
“At the advocacy level, the SSBA enlightened them on the problems hindering progress of the important sector of the economy.”
The SSBA, established in September 2010, is comprising of 30 national and foreign banks operating in the country.
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