South Sudan's English Daily Newspaper
"We Dare where others fear"
By Awan Achiek
The Bank of South Sudan on Friday directed local money changers to start operating under permanent structures in order for them to be licensed to operate.
The grace period given to money changers will end on 5 January 2024.
“Currency traders operating outside the jurisdiction of the central bank should immediately embark on operating under permanent structures and not in open space or under trees,” Dr. James Alic Garang, the Governor of Bank of South Sudan said in a statement issued on Friday in Juba.
Garang encouraged informal currency dealers to form groups or associations so that they are given licenses to operate as foreign exchange bureaus.
“All informal foreign exchange dealers are advice to form representatives groups or association, while consulting with bank supervision to obtain licenses and operate in permanent shops,” he said.
He said the banking supervision department of the Bank of South Sudan will develop and shape a limited prudential framework and checklist to regulate informal currency traders.
“More importantly, the leaders of the select law enforcement agencies have already undergone orientation for the task, to avoid any mishaps and policy slippages,” said Garang.
Garang said the law enforcement agencies will politely communicate this policy’s intention to foreign exchange traders as they enforce full compliance.
On December 2, 2023 the Bank of South Sudan designated four locations for local money changers to operate. They include Juba town, Customs market, Jebel market and Konyo-Konyo market.
The bank also issued a ten-day ultimatum for money changers to operate under shades or umbrella in a move aimed to organize them which expired on December 14, 2023.
