Browsing: Bank of South Sudan

With over 5 billion barrels of proven oil reserves (as of 2016) that should be the story of Sudan, a story of wealth, not poverty, a story of prominence, not conflict, but the opposite is true.

Even though Sudan ranks an impressive 23rd in the world’s list of oil rich countries and accounts for about 0.3% of the world’s total oil reserves, the country continues to squirm in abject poverty.

 “The oil story in Sudan is one of controversy, a messy tale of money, conflict and power enmeshed in the country’s decades-long conflict,” writes Elzahra Jadallah in an article titled ‘The Dark Side of Sudan’s Oil.’

There are at least five major oil drilling and processing sites in the country and these are the epicentres of conflict both within Sudan and the seceded South Sudan. Since Sudan controls the only pipeline that both nations use to transport their oil, the …

• The costs for South Sudan conflicts could reach a staggering range of between $22 billion and $28 billion over the next five years. 
• The cost of war shockingly overpowers the new nation’s 2021/2022 fiscal budget of around $2 billion.
• Poverty is ravaging South Sudan. South Sudanese people lack basic essential services, poor housing, land and property issues limit people returning home in large numbers

Numbers have been a better tool in analysing a very complex scenario, and in this case, South Sudan conflicts put it at a disadvantage economically.  

According to a 2015 Oxfam report, depending on the intensity of the conflict, the costs for South Sudan conflicts could reach a staggering range of between $22 billion and $28 billion over the next five years. 

The cost of war shockingly overpowers the new nation’s 2021/2022 fiscal budget of around $2 billion. These numbers show how wars suck the life out …

South Sudan traders and businesses are hoping for intermission in the foreign exchange market after the Bank of South Sudan said it would introduce dollars into the market to protect the local currency.

Since after the payment of several months of salaries in arrears in September, South Sudan pound has been weakening against the dollar.

“The pound has lost value in the past two months due to the impact of the recent payment of salaries,” said Central Bank Governor Dier Tong.

About $115.2 million which is about 31 per cent of the currency in circulation was put into the economy for the payments.

Also Read: AfDB funds South Sudan’s capital city power distribution system

In October, South Sudan’s government secured $400 million financings from the Africa Export-Import Bank to pay the salaries and finance infrastructure projects.

Elijah Wamalwa the managing director and CEO of Co-operative Bank of South Sudan said …

Stanbic Bank has been extensively named in a regional airline’s woes. South Sudan based Air Afrik says it will send home an estimated 200 employees home due to loss of business occasioned by the lenders’ faults.

The carrier hit major turbulence following the loss of a $20 million plane-leasing contract with the government of South Sudan.

Since the loss of the contract and court case against Stanbic Bank the company has been reviewing its process; fitting people into the right jobs and in the process, some roles have become redundant.

“We understand this is a challenging time for our team, but these steps were necessitated following Stanbic Bank’s negligent errors, oversight and unlawful actions,” the company said in a statement

The court case stems from a banking transaction gone awry. According to an official letter to the Central Bank of Kenya, the South African-owned bank admits to having regrettably made …