Several banks and insurance companies have shut down operations in the war ton South Sudan. Clashes erupted in South Sudan on July 7 between forces loyal to President Salva Kiir and supporters of Vice President Riek Machar and continued sporadically until Monday. Kenya Commercial Bank had earlier on scaled down operations at its 19 branches after it recorded a Sh6.1 billion foreign exchange loss for the year ended March 2016 from its South Sudan operations due to currency devaluation. Standard Bank and Old Mutual are the latest to announce to have temporarily scaled down their operations in the country. The two companies are evacuating their staff after the violence between rival political factions in South Sudan’s capital, Juba, left at least 272 people dead.

Source: The Star July 13, 2016 20:03 UTC