South Sudan's English Daily Newspaper
"We Dare where others fear"
The Bank of South Sudan (BOSS) has issued 45 days ultimatum to money changers to register with the bank.
“To continuously engage diverse stakeholders on formalizing unauthorized foreign exchange dealers, the Bank of South Sudan introduces fresh measures and prudential guidelines to regulate the authorized currency dealers across the market. In this connection, the Bank has developed regulatory guidelines and an operational checklist, which can be obtained from the Bank Supervision Department,” Dr. James Alic Garang, the Governor of the Bank of South Sudan said in a circular issued on February 16th.
Alic said that they have commenced Phase III of the formalization of the foreign exchange market, adding that the interested applicants or agents are advised to adhere to the regulations.
“All dealers are directed to rent shops in the designated locations, as indicated in our earlier communications, Starting on Monday, February 26 – April 10, 2024, current unauthorized dealers are given 45 days to formally register as Currency Exchange Agents, thereby complying with the regulations and guidelines,” it said.
It noted that application forms can be obtained from the Banking Supervision Department daily, from 9:00 am to 3:00 pm starting on Monday, February 26, 2024.
It disclosed that applicants are directed to comply with the provisions of key legal frameworks and the related laws, especially the Bank and other Financial Institutions Act. 2023 (amended), Anti-Money Laundering and Counter Terrorist Act, 2012, Foreign Exchange Act, 2012, and any other pertinent Legal framework.
It noted that the Bank of South Sudan reserves the right to always amend or alter in whole or in part any related policy with regard to these new measures and regulations.
