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

South Sudan’s Biggest Bank Shuts Branches

South 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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