South Sudan Central Bank opens branch at Uganda border

Summary:

• South Sudan Central Bank opens a branch at the Uganda border, aiming to boost local employment and financial services, reduce transaction costs, and encourage economic diversification away from oil dependence.

The Central Bank of South Sudan inaugurated a branch at the Uganda border, aiming to enhance local employment opportunities and facilitate financial services. Governor James Alic Garang and other officials attended the ceremony, emphasizing the importance of the branch in boosting revenue collection and improving tax performance.

Alic highlighted the role of the branch in reducing transaction costs, promoting financial inclusion, and fostering trade with regional and international partners. He underscored the need for economic diversification away from oil dependence, advocating for investments in sectors such as agriculture, hospitality, and tourism.

The branch opening is seen as a step towards addressing South Sudan’s fiscal crisis and encouraging local production to stimulate economic recovery.