South Sudan Minister of Finance Accused of Diverting Hard Currency to Private Forex
President Salva Kiir meeting the Minister of Finance and Economic Planning, Salvatore Garang Mabiordit and the Governor of the Bank of South Sudan, Gamal Wani Abdalla(Photo credit: presidential press unit).
August 22, 2020(SSNN) — A senior member of South Sudan Central Bank has came forward to explain why South Sudan has ran out of hard currencies.
Speaking to South Sudan News Now, the senior banker who identified himself as John, said the Minister of Finance and Economic Planning Hon. Salvatore Garang should be held accountable for lack of foreign reserves saying the minister has diverted hard currencies to his private Forex bureau in the capital.
According to the senior official, who spoke on condition of anonymity due to sensitive of the matter, the Minister has diverted over $50 million US dollar to private accounts that channeled the money directly to parallel market.
“The minister should be held accountable. What we are speaking about here is a common sense in the central bank, almost all officials are aware of it but nobody want to speak up” John said.
The finance minister has been on the news for the last few months regarding large withdrawals for private purposes that include burial of his son and maintenance of his house.
The Minister of Finance and Economic Planning, Salvatore Garang Mabiordit and the Governor of the Bank of South Sudan, Gamal Wani Abdalla, were convened by President Kiir last month as rumors hit the presidential palace that South Sudan has ran out of hard currency.
According to press secretary, Ateny Wek Ateny, the meeting focused on the living condition of the citizens and the high prices of commodities in the market.
Speaking to the media after that meeting, the Minister of Presidential Affairs, Nhial Deng Nhial said, the meeting also discussed measures that can be taken to stabilize the value of the local currency in order to stabilize prices in the market.
Nhial Deng added that, President Salva Kiir gave directives to the Minister of Finance and the Governor of the Central Bank to ensure that the bank always has adequate hard currency reserves; however, it took bare a month before the deputy bank governor declared to media that South Sudan has ran out of hard currencies.
For the last two months inflation has hit the market as business men and women in the black market decide how much they can charge for US dollar.
Without government intervention, the South Sudanese pound will continue to weaken until the government find solution to obtain enough hard currencies.
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