By Otto Abut
The Bank of South Sudan has warned to punish those doing illegal trading of foreign exchange without a valid license acquired at the Bank of South Sudan.
The Bank Governor Dr. James Alic Garang briefing the media in Juba on Friday 5th April on the measures his institution is taking to control the economy.
He says the Bank of South Sudan has completed phase three of the 45-day grace period and the reorganization of phase four, starting next week from April 8th, 2024.
“By the Foreign Exchange Business Act 2012, and the Anti-Money Laundering and Counter-Terrorism Act 2012, it is henceforth illegal to deal in FX trading without a valid license from the Bank of South Sudan.” Dr. A.S. James Alic echoed.
The Governor broadly reiterates that all informal Foreign exchange dealers are required to obtain licenses and comply with the policy directive with immediate effect and urged the law enforcement agencies to diligently enforce this policy to ensure compliance.
“Following the successful completion of Phase III and the elapse of the 45-day grace period, the reorganization of the FX market has reached its final Phase IV, starting on April 8, 2024.
This phase requires a more collective and coordinated approach as the FX Taskforce cracks down on the illegal trading of foreign currency on the streets of Juba City and throughout the country.”
He discouraged the abnormal hiking selling rate of foreign currencies saying the authorized dealers should ensure a small variability between buying and selling rates relative to the Bank of South Sudan reference rate and encouraged them to display the rates in their areas of operation and should also maintain a right spread.