South Sudan's English Daily Newspaper
"We Dare where others fear"
By Awan Achiek
The Bank of South Sudan on Friday issued a stringent warning of potential legal action against all individuals and entities engaged in illegal forex trading within the country.
This move aims to curb illicit currency trading within the nation.
Dr. Addis Ababa Othow, Governor of the Bank of South Sudan, urged unauthorized dealers, including those operating in the parallel market, to cease engaging in illegal foreign exchange transactions.
“Such practices are economic sabotage, and any banks or institutions involved in such dealings would face severe penalties, including licence revocation,” Dr. Othow said during a stakeholders’ meeting in Juba on Friday.
Dr. Othow stated that the bank is implementing measures to stabilise the foreign exchange market and strengthen the economy.
This includes promoting digital financial inclusion to curb unethical banking practices.
The bank’s governor urged commercial banks and mobile money providers to enhance public awareness campaigns on the benefits of digital transactions.
Digital transformation, he noted, reduces the risks associated with carrying cash.
“Electronic payments are now recognised as official legal tender. Banks that resist this change and cling to cash-based operations are going against national policy,” he said.
He added, “The world is moving digital—South Sudan must not be left behind.”
He underscored the importance of adhering to regulations, including compliance with the official exchange rate.
He stated that the bank is strengthening its supervisory oversight to combat misconduct.
Local observers say the central bank’s latest stance against unauthorized currency trading underscores its commitment to enhancing the transparency and legitimacy of foreign exchange operations within South Sudan, aiming to instil greater confidence in the country’s financial markets.
