South Sudan hikes rate to calm markets as pound falls
South Sudan’s central bank raised its key interest rate sharply, reversing two rate cuts earlier this year, saying a tightening of monetary policy was aimed at calming financial markets amid a sharp fall in the pound’s exchange rate and high inflation.
- The Bank of South Sudan’s Monetary Policy Committee (MPC) convened
an extraordinary meeting chaired by the Governor Hon. Dier Tong Ngor on Thursday November 6th 2020.The meeting was held on the backdrop of the rapid depreciation of the SSP and high inflation. The meeting suggested ways to calm the market, using available monetary policy tools. - 2. The MPC noted that the economy is severely battered by shocks brought about by COVID-19 pandemic, low oil prices, which led to considerable fiscal imbalances and constrained financial system performance, particularly the banking sector.
- In light of the above, the MPC resolved to tighten monetary policy stance to mop the excess liquidity from direct borrowing from the Central Bank.
- 4. In this regard, the MPC resolved the following:
- a. Raised the Central Bank Rate (CBR) to 15%
b. Increase the Reserve Requirement Ratio (RRR) to 20%
c. Increase the cash reserve ratio to 20%
d. The Central Bank will urgently introduce its own bills as a toll of liquidity management mechanism.
e. Bank will step up its supervisory role by continuously monitoring the cash in-vault of commercial banks.”
Source: http://www.centralbanknews.info/2020/04/south-sudan.html
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