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South Sudan’s Biggest Bank Shuts Branches

South Sudan’s Biggest Bank Shuts BranchesSouth Sudan’s Biggest Bank Shuts Branches

South Sudan’s largest bank is shutting more branches as hyperinflation and a shortage of dollars eat into the group’s profits, the managing director said, underscoring country’s worsening financial woes amid a civil war. Harun Kibogong told Reuters that Kenya-based KCB Group Plc , East Africa’s biggest bank by assets, will temporarily close five branches, leaving ten operational. KCB was one of the first foreign banks to move into South Sudan more than a decade ago, lured by one of sub-Saharan Africa’s lowest banking penetration rates and its petro-dollars. A three-year civil war has curbed oil production, sent the economy into a tail-spin and spurred runaway inflation.

 

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