Central Bank tightens grip on illegal foreign currency dealers

JUBA – The Central Bank of South Sudan has directed law enforcement agents to crack down on foreign exchange dealers without valid operation licenses.

The directive, issued on Friday, came after a 45-day notice to unauthorized money dealers to formally register as foreign currency dealers expired on April 1.

Speaking at a press conference held in Juba, the Central Bank governor, Dr. James Alic Garang warned against operating minus valid licenses from the bank.

“The grace period of 45 days came to an end or start on the 1^st of April which is a few days ago and now that the grace period has come to an end, we did everything in our powers as the regulator, we are now saying from today to eternality if that is the case, it is illegal to sell foreign currency in South Sudan if you don’t have a license, without a license it is illegal to sell,” he told reporters.

Garang further advised those dealing in foreign currencies to comply with laws related to anti-money laundering and counter-terrorism.

” In accordance with the Foreign Exchange Business Act 2012, and Anti-Money Laundering and Counter-Terrorism Act 2012, it is henceforth illegal to deal in foreign exchange without a valid license from the Bank of South Sudan,” he said.

Garang said all foreign exchange dealers need offices in designated locations.

“We do expect people to sell and buy, not under trees, not next to the cars or bus stations but to do it within premises like any other businesses. If someone is selling dollars in Konyo-Konyo amid the market and they don’t have a license, from today they need to stop and if somebody is doing that in Customs or Juba or any other supermarkets in Juba and they have no license, they have to stop,” he said.

Garang advised traders dealing in foreign currency to operate within set bank rates.