By Gladys Fred Kole
Bank of South Sudan has announced a deadline of 45 days for unauthorized currency dealers to formally register as currency exchange agents.
According to a circular from the Bank governor, Dr. James Alic Garang, the registration process commences on Monday next week.
In an effort to regulate authorized currency dealers, the Governor introduced new measures and prudential guidelines.
This marks phase III of the formalization process for unauthorized foreign exchange dealers, and the Bank aims to engage various stakeholders to ensure compliance.
To facilitate the registration process, the Bank has developed regulatory guidelines and an operational checklist.
Interested applicants or agents can obtain application forms from the banking supervision department, which will be available daily starting on Monday, February 26, 2024.
Additionally, all dealers are required to rent shops in designated locations.
“Starting on Monday next week the current unauthorized dealers are given 45 days to formally register as currency exchange agents, thereby complying with the regulations guidelines,” the boss governor stated in his issued statement.
Furthermore, applicants are instructed to adhere to the provisions of key legal frameworks and related laws, including the Bank and Other Financial Institutions Act, 2023 (amended), the Anti-Money Laundering and Counter-Terrorist Act, 2012, the Foreign Exchange Act, 2012, and any other relevant legal framework.
In December last year, the Bank governor had issued a 10-day ultimatum to unauthorized foreign exchange dealers in local markets, urging them to operate within the confines of the law or face legal consequences.
However, Samuel Wani, a shop owner in the custom market, expressed concern over the resurgence of illegal currency changers on the roadside.
In a phone interview, he underlined the need for strict monitoring and enforcement measures.
“These people have started coming back on the streets, strict measures need to be put forth and monitored closely otherwise some pretend to be at the petrol stations doing that and yes our petrol stations are also doing that business.”
Wani urged authorities to take decisive action, as the economy continues to deteriorate, and mere issuance of regulations may not suffice without effective enforcement.