This is the Central Bank of the Republic of South Sudan which was established in July 2011 by a presidential decree. The bank is fully owned by the Government of the Republic of South Sudan. It replaced the semi-autonomous the Bank of Southern Sudan that served between February 2005 and July 2011.
The bank maintains its headquarters in the Juba City with branches in the towns of Wau, Yei and Malakal.
Organization and Governance
The CBSS is headed by the Governor of the Bank of South Sudan. The Bank is the only institution that is constitutionally mandated to issue the South Sudanese pounds, the local currency of the new nation.
Functions
The main functions of the Central Bank of South Sudan (CBSS) are:
- It is the central bank of the Republic of South Sudan.
- It establishes and supervises conventional banking services in South Sudan including licenses to financial institutions according to rules and regulations issued by the Board of Directors of (CBSS).
- The CBSS is managed by its Governor, who manages the conventional banking system in South Sudan in accordance with the rules, regulation and policies
- The CBSS bank also advises and acts as an agent thereof in monetary and financial affairs.
- In the discharge of the duties, responsibilities and mandates thereby required and imposed upon it, to exercise the power and supervisory authority so conferred, in a manner consistent with the ordinances and regulations stipulated in the banking laws that govern the CBSS.
- The CBSS is in-change of supervising and controlling the commercial banks that operate in South Sudan.
- It is the only bank that issues the South Sudanese Pounds and also regulates Forex exchange rate.