By Bida Elly David
Governor of the Bank of South Sudan (BoSS), Dr. James Alic Garang, has declared a total crackdown on unlicensed street money exchangers.
The aim is to enforce strict regulations and eliminate illegal foreign exchange trading in the black market.
Dr. Garang made this announcement during a press conference held on Friday, where he reiterated his commitment to eradicating these unauthorized operators and reinforcing the importance of operating within the legal framework.
In an initial order, the Central Bank gave forty-five (45) days for street money speculators to get registered and acquire an operational license for their legality.
Governor Alic stated that the central bank has noticed non-compliance from the black market dealers following the initial order issued for their registration.
“Following the successful completion of phase three and the forty-five (45) day grace period, the re-organization of the forex market has reached its final phase, starting on April 8, 2022,” the BoSS governor said.
Dr. Alic emphasized that this fourth and final phase requires a more collective and coordinated approach as the Forex Taskforce cracks down on the illegal trading of foreign currency on the streets of Juba and throughout the country.
Quoting the Foreign Exchange Business Act 2012 and the Anti-Money Laundering and Counter-Terrorism Act 2012, Governor Alic highlighted that it is illegal to deal in forex trading without a valid license from the Central Bank.
The governor repeated his call for the unregistered money traders to legally register or face the brunt of the law.
“All informal dealers are required to obtain licenses and comply with this policy directive with immediate effect; the law enforcement agencies will diligently enforce this policy to ensure compliance,” he highlighted.
Furthermore, he directed all authorized forex bureaus to display the daily exchange rates of currencies.
“All authorized dealers or currency traders should display buying and selling rates in their areas of operation; they should maintain a tight spread or ensure a small variability between buying and selling rates and bank reference rates,” he noted.
The central bank boss said all the police, both at the state and national levels, will fully participate in the looming crackdown exercise without favour or compromise.
BoSS governor underscored the need for other institutions within the public sector, including citizens, to ensure the effectiveness of the directives.
“The bank urges all stakeholders, including the general public, law enforcement agencies, and partners, to collaborate in realizing the above policy objective,” he said.