Commercial banks
By independence day, the following commercial banks were operating in the country under license from the Central Bank of South Sudan: [6]
Established by the Bank of South Sudan Act of 2011, the Central Bank of South Sudan is statutorily mandated to regulate the operations of all financial institutions in the country, including commercial banks. The Central Bank fulfills this mandate by issuing prudential guidelines and regulations as provided for under the Act. In theory, the licensed commercial banks are obligated to operate in accordance with these laws and guidelines, but many suggest this is not happening. [1]
Prior to 9 July 2011, when South Sudan attained independence, banking operations in the country were controlled and governed by the Bank of Sudan based in Khartoum. The Sudanese central bank operated branches in South Sudan in the cities of Juba, Wau, and Malakal. The legal tender was the Sudanese Pound. Beginning in 2005, with the signing of the Comprehensive Peace Agreement (CPA), most of the Sudanese banks operating in South Sudan began to close operations. Also, as part of the CPA, the three branches of the Sudanese central bank located in South Sudan became known as the Bank of Southern Sudan, from January 2005 until July 2011. Bank of Southern Sudan was headquartered in Juba, with branches in Wau and Malakal. It is estimated that the total Sudanese currency circulating in South Sudan was valued at approximately US$700 million, as of July 2011. [2]
Once South Sudan became independent, the Bank of Southern Sudan rebranded to the Central Bank of South Sudan, the central bank in the country and the national banking regulator. Nine days following independence day, the Central Bank of South Sudan released new currency notes of the South Sudanese pound, to be exchanged at par with the Sudanese pound for a period of approximately sixty days. [3] [4] In late July 2011, the period to exchange the old Sudanese currency notes was shortened to approximately six weeks, with 31 August 2011 as the last day for the activity. [5]
By independence day, the following commercial banks were operating in the country under license from the Central Bank of South Sudan: [6]
Banking in the country is under supervision and regulation of South Sudan's central bank, the Central Bank of South Sudan. The bank maintains headquarters in Juba, the country's capital and largest city. It is responsible for monitoring monetary policies and ensuring price stability and a stable exchange rate. The first governor of the central bank is Elijah Malok. [9]
In April 2017, Reuters reported that banks were running out of cash and exacerbating famine in the war-torn nation.
“If you go to the commercial banks, you do not find South Sudan pounds and dollars. They are all in the black market,” said Deputy Minister Mou Ambrose Thiik. He said a parallel economy had emerged and people were hoarding cash. Black market rates have reached £150 SSP to the dollar, up from £105 SSP in mid-February. [10]
No information is currently available about the operation of microfinance institutions in South Sudan.
There are investment banks, insurance companies, foreign exchange bureaux, finance companies and leasing companies operating in South Sudan. The role of the central bank in the operations of these businesses will become clearer as the laws governing their operations are publicized in the coming weeks and months.
Malakal is a city in South Sudan. It is the capital of Upper Nile State, South Sudan, along the White Nile River. It also serves as the headquarter of Malakal county and it use to be the headquarter of Upper Nile Region from 1970s to late 1990s.
The pound is the official currency of the Republic of the Sudan. The pound is divided into 100 piastres. It is issued by the Central Bank of Sudan.
The Commercial Bank of Ethiopia (CBE) is the largest commercial bank in Ethiopia. As of June 2021, it had about 1.1 Trillion Birr in assets and held approximately 67% of deposits and about 53% of all bank loans in the country. The bank has around 22,908 employees, who staff its headquarters and its over 1000+ branches positioned in the main cities and regional towns. The latter include 120 branches in the national capital Addis Ababa. With the opening of a branch in the Gechi in the Illubabor Zone, CBE's banking network has reached online 783 branches. The bank has reached 1284 branches as of 10 August 2018.
The Central Bank of Sudan is the central bank of Sudan. The bank was formed in 1960, four years after Sudan's independence. It is located in the capital Khartoum.
Ivory Bank is a commercial bank in South Sudan. It is one of the commercial banks licensed to operate in South Sudan, by the Bank of South Sudan, the national banking regulator.
Nile Commercial Bank(NCB) is a commercial bank in South Sudan. It is one of the commercial banks licensed to operate in South Sudan, by the Bank of South Sudan, the national banking regulator.
Buffalo Commercial Bank(BCB) is a commercial bank in South Sudan. It is one of the commercial banks licensed by the Bank of South Sudan, the national banking regulator.
Kenya Commercial Bank South Sudan Limited, sometimes KCB South Sudan, is a commercial bank in South Sudan. It is licensed by the Bank of South Sudan, the country's central bank and national banking regulator.
The pound is the official currency of the Republic of South Sudan. It is subdivided into 100 piasters. It was approved by the Southern Sudan Legislative Assembly before secession on 9 July 2011 from Sudan.
Upper Nile University (UNU) is a university in South Sudan.
The Republic of South Sudan became independent on 9 July 2011 from Sudan and issued its first stamps on 13 July 2011. Only almost three months later, on 4 October 2011, did South Sudan become a member of the Universal Postal Union (UPU). Before independence, South Sudan used stamps issued by Sudan. The Directorate of Postal Services of the Ministry of Telecommunication and Postal Services is responsible for postal affairs in South Sudan.
Stephen Dhieu Dau Ayik is South Sudanese politician, banker by profession, and financial technocrat. He is a proven professional and held various cabinet positions in the Government of the Republic of South Sudan. He is a senior member of Sudan’s People Liberation Movement (SPLM) and had served in various cabinet positions. Stephen Dhieu Dau was the Minister of Finance and Planning until March 2018 in the RSS. He served as Minister of Petroleum and Mining and Minister of Commerce and Industry. Stephen Dhieu Dau is from Melut County, Upper Nile State, and belongs to the Nyiel section of the Padang Dinka ethnic group.
Equity Bank South Sudan Limited (EBSSL) is a commercial bank in South Sudan. The bank provides banking services to individuals and to small and medium business enterprises. It is one of the commercial banks licensed to operate in the country by the Bank of South Sudan, the central bank and national banking regulator.
The Bank of South Sudan is the central bank of the Republic of South Sudan. Established in July 2011, by an Act of Parliament, it replaced the now defunct Bank of Southern Sudan, a former branch of the Bank of Sudan, which had served as the central bank of Southern Sudan, during the period between February 2005 until July 2011. The bank is fully owned by the Government of South Sudan.
The South Sudan National Cup is an annual knockout association football competition in men's domestic South Sudanese football. Organized by the South Sudan Football Association, the cup began in 2012, not long after South Sudan gained independence. Al-Malakia FC is the most successful club in South Sudan National Cup history, holding two titles. In the most recent competition, nine teams competed in the cup. However, the competition has only been held three times, most recently in 2014.
Elijah Malok Aleng was a South Sudanese public servant, general, and politician, from Bor in Jonglei State. He was born on 28 November 1937 at Thianwong village when his family was living among the Pen people in Angakuei in Baidit, about 20 miles northeast of Bor town. His family, which is originally from Awulian in Wangulei, Twic East County, migrated back to be with fellow Awulian kinfolks. He attended Malek Primary School (1950–1953), and then Juba Intermediate School and Juba Commercial Senior Secondary School, graduating He then attended Free University of the Congo, in the present Democratic Republic of Congo (DRC), and later got a scholarship to study in Fribourg Catholic University, Switzerland, from which he obtained a master's degree in economics in 1972. In 1975 he obtained another Masters in Development Studies and Economic Planning from Wolfson College, Cambridge in the United Kingdom. In his memoirs: the Southern Sudan: Struggle for Liberty, named Chief Deng Biar Abit, leader of the Awulian clan, Paul Logali, former finance minister of Southern Sudan regional government and Akec Kwai Biar, former Bor District Commissioner and his cousin as the people who positively influenced him.
The following lists events that happened during 2011 in South Sudan.
Corruption in South Sudan is among the worst in the world. The nation's elites have developed a kleptocratic system that controls every part of the South Sudanese economy. This system has taken shape quickly in a relatively short period, South Sudan having won self-rule in 2005 while remaining part of Sudan, and having been accorded full sovereignty in 2011. The nation was ranked last on Transparency International's 2021 Corruption Perception Index, which ranks 180 countries by their perceived level of public-sector corruption.
Golden Wings Aviation South Sudan, is a privately owned airline based in Juba, South Sudan. The carrier operates as a regional affiliate of South African carrier, Golden Wings Aviation, under a South African Air Operator's Certificate.
This article discusses banking in Sudan.
Currency: South Sudanese pound | |
| Communications | |
| Industries: | |
