Bank of South Sudan Warns Against Currency Hoarding

By Simon Deng

The Bank of South Sudan (BOSS) has issued a warning to the public, financial institutions, and the business community against hoarding currency. The move is part of measures introduced by the central bank to prevent hoarding practices and stabilise the nation’s financial system.

Addis Ababa Othow, the governor of the Bank of South Sudan, called upon the public to avoid engaging in currency hoarding and to report any known cases of hoarding to law enforcement agencies.

“The Bank of South Sudan hereby issues a circular to discourage the holding of currency outside the financial system and ensure efficient circulation of currency to meet the needs of the economy,” said Othow on Tuesday in a statement issued by the bank.

Othow stated that the Bank of South Sudan has set a maximum limit of 10,000 US dollars or its equivalent in South Sudanese Pounds, adding that any amount above the threshold must be deposited in a bank account.

Othow also revealed that any institution or individual found hoarding cash across the country will be subject to criminal prosecution under applicable laws, which may include imprisonment.

“Any institution, entity, or person found in violation of this circular shall be subject to seizure and forfeiture of the hoarded currency or assets, fines imposed by the bank, and suspension or revocation of licences,” said Othow.

“The Bank of South Sudan calls upon the public to avoid engaging in currency hoarding or unauthorised practices. This circular takes effect immediately and shall remain in force until reviewed, amended, or revoked by the Bank of South Sudan,” he said.

Currency hoarding is a deliberate accumulation, withholding, or storage of both foreign and local currency in excessive quantities outside the banking system, with the intent to create scarcity, influence exchange rates, or engage in speculative trading.