Governor Costa Starts Talks on Cash Crisis in Juba

(JUBA) – The new Governor of the Bank of South Sudan, Samuel Yeni Costa, has held a meeting with commercial banks in Juba to discuss the country’s ongoing shortage of cash and possible steps to ease pressure on the financial system.

The discussions took place on Tuesday and focused on ways to improve liquidity across the banking sector.

Governor Costa said close cooperation between the central bank and commercial banks is essential for steady financial operations and for building confidence among the public.

He said the current situation requires practical solutions that keep money moving and support both businesses and ordinary citizens.

The First Deputy Governor, Samuel Yanga Mikaya, encouraged banks and traders to make wider use of digital services.

He said many people still believe they cannot buy goods without physical cash, but he added that digital payment options provide a workable and safe alternative.

He urged vendors to become more open to electronic payments as part of the effort to ease the pressure on cash.

The Chairperson of the Bankers Association, Bruna Cirisio, said the meeting was a positive step.

She welcomed the central bank’s decision to bring commercial banks into the discussion and said such cooperation is needed if South Sudan is to manage its liquidity difficulties. Other bank officials also expressed support for a coordinated approach.

The meeting was attended by the Director General for Supervision and Regulation, Dr Majok Mading, who is involved in oversight of the banking sector.

No figures were given on the scale of the shortage, although the central bank has said in recent months that liquidity pressures remain a major challenge.

At the current rate of $1 to SSP 7,000, the shortage continues to affect businesses that rely on regular cash transactions.

Simple Illustration