Chol was appointed to the post in November after the president fired Athian Diing Athian just two months after appointing him.
Kiir appointed Salvatore Garang, an economist trained at the University of Khartoum in Sudan, as the new finance minister.
Garang previously served as finance minister from 2018 to 2020, a period marked by economic reforms and fiscal strains.
During his first stint in the role, local media reported that Garang faced corruption allegations, including that he allocated $100,000 to cover the cost of his son's funeral. He has not commented on the allegations.
The decree also removed several other senior officials, including the commissioner general of the National Revenue Authority, as part of the broader administrative changes.
Analysts say Kiir regularly makes changes to ranks in the military and government to maintain control as he contends with armed conflict and speculation about his eventual succession.
No reason was given for the ninth change in the finance minister since 2020.
(Writing by Vincent Mumo Nzilani; Editing by Thomas Derpinghaus)

The President of South Sudan Salva Kiir Mayardit (C), attends the 37th Ordinary Session of the Assembly of the Heads of State in Addis Ababa, Ethiopia, 18 February 2024. The summit, themed 'Educate and Skill Africa for the 21st Century', runs through 18 February 2024. EPA/MINASSE WONDIMU HAILU