President Salva Kiir is expected to inaugurate the new headquarters of the Bank of South Sudan on Monday, ahead of the 13th anniversary of independence.

The construction of the grand multi-purpose building in Jebel suburb of Juba was launched in February 2022 and was expected to be complete in February this year. It is five months behind schedule.

The premises, constructed by Shandong Construction Company, will accommodate the entire Central Bank staff, shaping the face of the country’s financial institution.

The facility has 12 floors and a conference center that can host more than 500 people, in addition to a vast recreational center containing a sports gym, restaurant and other amenities.

Bank governor, Dr. James Alic Garang announced the inauguration during an inspection visit to the Bank on Friday.

Dr Alic stated that the President will grace the inauguration of the Bank, on the eve of the country’s independence anniversary.

“We are very pleased to hear that the headquarters is ready for the inauguration by his Excellency the president, given the fact that independence day is around the corner,” Alic said.

“We want to say thank you to the company. Thank you to the engineering team, the management, the staff of the Bank of South Sudan and everyone involved in insurance that this building is ready on time.”

The Bank of South Sudan is an independent institution established in 2011 to maintain price stability and promote a healthy domestic economy.

It has inaugurated eight branches across the country to provide essential banking services, support economic development, and ensure financial stability.

These include branches in Aweil, Nimule, Malakal, Wau, Yei, Rumbek, Kuajok and Bor.

South Sudan is grappling with severe inflation as the national currency weakened against the US dollar after a major pipeline transporting 60 percent of the crude oil to Port Sudan broke down in February 2024.

The situation has left civil servants unpaid for months while triggering a sharp increase in commodity prices and leaving families struggling to feed themselves.