JUBA, May 12 (Xinhua) -- South Sudan's newly appointed Central Bank Governor Dier Tong Ngor on Saturday pledged to improve monetary institutions.

Ngor told Xinhua in Juba after taking an oath of office on Saturday that his priority is to bring sanity to the monetary system in the country.

"I am going to work hard with my team and consult with other great economists in the country and the region to help us in formulating a policy that will improve the economic situation in the country," said Ngor.

South Sudanese President Salva Kiir on Thursday dismissed Othom Rago Ajak and his deputy Dier Tong Ngor and named Dier as the new bank governor, deputized by Albino Dak Othow.

South Sudanese presidential spokesman Ateny Wek Ateny told Xinhua that the president is greatly concerned about the economic situation in the country.

"The president is worried about the high inflation rates in the market and it is within his prerogative to relieve and appoint officials to the monetary positions to seek solutions to the current situation," said Ateny.

Experts said the president's decision to relieve both the bank governor and his deputy of their duties will not sharply address the urgent need to quell the inflationary rates and the increasing weakening local currency exchange rate against the U.S. dollar in the country.

South Sudan depends entirely on oil to finance 98 percent of its fiscal budget and yet ongoing conflict and fall in global oil prices have reduced oil production and revenue.