Central Bank urges citizens to keep money with commercial banks

By Awan Achiek

The Bank of South Sudan (BOSS) on Tuesday set up measures to advocate for a widespread adoption of a digital banking system to minimize risks associated with handling cash and to propel economic growth.

Majok Nikodemo Arou, Director for Communications and Public Relations in BOSS said that they are rolling out measures to encourage members of the public and private businesses to use the existing banking and financial institutions for cash deposits.

“Members of public, commercial outlets, and private businesses should use the banking sector for cash deposits and refrain from hoarding currency or keeping it outside the banking sector,” said Nikodemo in a statement issued in Juba on Tuesday.

Nikodemo said the statistics indicate that over 80 per cent of the currency in circulation sits outside the banking system, which he said presents a tremendous challenge to the conduct of monetary policy.

“Commercial Banks are directed to ease and streamline accepting deposits from the public and create a conducive environment to implement these prudential measures,” he disclosed.

Nikodemo encouraged the public and small businesses to use digital money platforms such as licensed mobile money operators to transact and make payments.

“The Bank is also coordinating activities with the law enforcement agencies to identify currency hoarders, their spots, and take appropriate measures to discourage such behavior,” he said.

Nikodemo said the bank directed Juba City Council authorities to exercise their mandate while cooperating with the Bank in enforcing these directives with immediate effect.

“The Bank of South Sudan will continue to sensitize members of the public and businesses to cooperate and discourage such destructive or risky practices which could impede smooth implementation of monetary policy and price stability,” he said.