Central Bank to license black market dealers

The Bank of South Sudan said it will formalize the traders selling foreign exchange in the black market in a bid to enhance data collection and streamline hard currency operation in the country.
Dr. James Alic Garang, Governor of Bank of South Sudan speaks during joint press conference on Saturday at bank’s premises in Juba on Saturday [Photo: Awan Achiek]

By Awan Achiek

The Bank of South Sudan said it will formalize the traders selling foreign exchange in the black market in a bid to enhance data collection and streamline hard currency operation in the country.

Dr. James Alic Garang, Governor of the Bank of South Sudan said this will enable black market dealers to join the mainstream foreign exchange market.

“Ensuring exchange rate stability and in this case the bank will formalize the foreign market by encouraging the informal traders to join the mainstream foreign exchange market,” Garang said during a joint press conference held with the national minister of finance and planning, Bak Barnaba Chol in Juba on Saturday.

Garang said money changers in the black market will be regulated and officially licensed to transact in the foreign exchange market.

“We believe that doing so, will allow us to enhance data collection and streamline foreign exchange operation in the country leaving little room for currency speculators and market indiscipline,” he said.

He said the central bank will formulate policy direction aimed at eliminating informal exchange dealers.

“Many of you are aware today that all over Juba, we have currency traders, those who buy and sell hard currencies all over Juba. This point is not saying that we will outlaw them. What we are saying is that we will ask them to organize and become more formal and find places in Juba where they can do their businesses in a formal way,” Garang said.

He disclosed that money changers will be provided enough time to buy tents where they can sit and do their normal activities in a very organized way.

Garang warned that the law enforcement agencies will deal with money changers who fail to comply with the directives.

“The law enforcement agencies will discharge their immediate responsibility to tame any non-compliance practices, including by ensuring that no one sells dollars on the streets or in the open or under trees without an appropriate license from Central Bank,” he said.

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