By Yiep Joseph
Bank of South Sudan (BOSS) has lifted cash withdrawal limits it had set at ten million South Sudanese pounds (SSP 10,000,000) for clients from individual accounts.
In September this year, BOSS issued a circular setting the maximum limit for cash withdrawal to South Sudanese Pounds (SSP) 10 million.
The initiative by the former Bank Governor Dr. Alic Garang, received serious criticism.
However, the current governor Johnny Ohisa Damian reversed the decision after series of meeting that discovered the policy encouraged cash hoarding by members of the public.
According to a press release, dated 13th December 2024, signed by Johnny Ohisa Damian Governor, Bank of South Sudan, the order was lifted with immediate effect.
“The central bank governor gave directives to lift the ten million South Sudanese pounds (SSP 10,000,000) cash withdrawal limits by the client from individual accounts.” the statement partly read.
The management decision came after conveying a fruitful meeting with the manager of the commercial banks on Thursday.
“Specifically, the meeting (meeting between BOSS officials and commercial bank managers) noted with concern public hoarding of cash without depositing into the banks due to the mistrust in the banking sector,” it read.
The meeting, which focused on finding amicable solutions aimed at resolving current liquidity challenges facing the banking sector and the public in general, also discussed avenues to address the general macroeconomic challenges facing the country.
Management of the central Bank, encouraged commercial institutions to increase interest in savings accounts, adding that such initiatives aim to attact customers to deposit more money into their savings accounts.
The central bank management vowed to ensure that the bank achieves its mandate.
“The new Bank of South Sudan Management reiterated its commitment towards achieving the bank’s mandate to ensure price stability and remains steadfast in its mission to ensure a stable, efficient, and trust-driven banking system for the benefit of stabilizing the economy,” the statement read.