The Bank of South Sudan is the central bank of the Republic of South Sudan established by an Act of Parliament known as the Bank of South Sudan Act, 2011. The bank is fully owned by the Government of South Sudan as an independent corporate legal entity whose primary objective is to maintain monetary and domestic price stability.
The secondary objective is to maintain financial system stability. The bank works closely with the Ministry of Finance and Economic Planning to promote economic policies of the government and promote sustainable economic growth.
The main functions of the Bank of South Sudan are:
- To function as the central bank of South Sudan.
- To establish and supervise conventional banking services in South Sudan.This includes licensing financial institutions according to rules and regulations issued by the Board of Directors.
- The management of the bank falls under the Governor of the Bank of South Sudan, who manages the conventional banking system in South Sudan according to prevailing rules, regulation and policies.
- To act as the bank to the Government of South Sudan, as an adviser and agent thereof in monetary and financial affairs.
- To discharge duties, responsibilities and mandates thereby required and imposed upon it, to exercise the powers and supervisory authority so conferred, in a manner consistent with the ordinances and regulations stipulated in the laws that govern the bank.
- In charge of supervising and regulating commercial banks in South Sudan.