(e) (f) monitor allocation and utilization of grants to and by the state and local government levels; and perform any other functions as may be prescribed by law. (3) The Commission shall submit a quarterly report to the President and the Council of States about its performance, and the President shall take appropriate remedial action to resolve any problems affecting the work of the Commission. (4) The President shall appoint the Chairperson, Deputy Chairperson, and members of the Commission. (5) The functions, powers and composition of the Commission, and terms and conditions of service of its members and employees shall be regulated by law. CHAPTER VI BANKING IN SOUTH SUDAN Establishment of the Bank of South Sudan 180. (1) There shall be established a central bank in South Sudan to be known as the Bank of South Sudan to provide for banking services in accordance with this Constitution and the law. The Bank shall be an independent corporate legal entity. (2) The Bank of South Sudan shall be responsible for the formulation, conduct and implementation of monetary policy. (3) The Bank of South Sudan shall use the market-based banking instruments developed by the Bank to regulate and supervise the implementation of the national monetary policy in South Sudan in relation to the following: (a) (b) (c) (d) (e) (f) (g) formulating monetary policy; issuing currency; promoting and maintaining price stability; maintaining a stable exchange rate; maintaining sound, effective and efficient banking and credit system; chartering and supervising financial institutions in South Sudan; and performing any other functions as may be prescribed by law. (4) The Bank of South Sudan shall be independent in the performance of its functions and the exercise of its powers. (5) All financial institutions shall be subject to rules and regulations set by the Bank of South Sudan as well as to internationally recognized regulatory and prudential standards for finance. (6) All financial institutions shall be bound to implement monetary policies set by the Bank of South Sudan. 68