The Bank of South Sudan has announced the approval of 174.2 millions dollars by IMF, as part of its commitment to implement the economic and financial reforms outlined in the revitalized peace agreement.
Speaking during the press, Governor of Bank of South Sudan Dier Tong Ngor states that half of the money will be used to support the budget.
Dier promises to take further measures to strengthen the monetary policy.
“The Bank of South Sudan will operationalize a monetary policy framework based on reserve money targets while preparing to transition to long term”.
He adds that the Bank of South Sudan recognizes that foreign exchange market reforms are necessary to reduce the significant current distortion.
Bank of South Sudan plans to gradually build international reserves, to enhance foreign exchange policy’s credibility and response effectively to any future imbalance in the foreign exchange market.
The governor of Central bank made this statement on Thursday in his office in Juba.