Kenya, S Sudan Central Bank chiefs in co-operation

By John Oyuke

Kenya and South Sudan’s central banks have signed a memorandum of understanding.  The two banks of last resort agreed to co-operate in monetary and economic policy formulation and capacity building.

The memorandum was signed by the Central Bank of Kenya (CBK) Governor, Njuguna Ndung’u, and Kornelio Koriom Mayik, the governor of Bank of South Sudan (Boss).

The two governors noted that some of the tasks assigned the recently constituted technical committee had been accomplished.

This includes attachments and in-house training for a number of officers from the Bank of South Sudan at various departments of CBK and at the Ruaraka-based Kenya School of Monetary studies. The governors convened the second meeting on December 17 to 18, as a follow-up to the one held on December 4-5 in Juba.

The committee falls within the broad collaboration between the two governments to help South Sudan establish requisite institutions and processes necessary in the new nation, according to a communiqué signed by the two.

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The governors observed that an action plan had been drawn with timelines for implementation and monitoring.

Immediate inputs from the action plan include fast tracking the opening and operationalisation of reciprocal accounts at Boss and CBK, capacity building support, review and finalisation of a balance sheet for Boss and deepening of the financial markets.

The Governors called for further technical support, prioritising capacity building to enhance efficiency and effectiveness of operations and reporting at Boss.