South Sudan central bank vows stringent measures against illegal currency trading

JUBA – South Sudan’s central bank on Saturday asserted commitment to enforcing robust monetary policies aimed at curbing illicit currency trading within the nation.

Speaking during a joint press conference with finance minister Bak Barnaba on Saturday, central bank governor James Alic Garang affirmed the bank’s plan to implement a robust monetary policy framework, emphasizing the need for a strategic collaboration with key stakeholders in the country’s economy.

“The Bank of South Sudan plans to pursue a strong monetary policy framework. This calls for a strategic approach to working with the key stakeholders in the economy,” Alic said.

The economist outlined the objectives of this policy, highlighting its role in promoting healthy competition, efficient resource allocation, and fostering activities that lead to heightened productivity and economic growth.

“This is to foster healthy competition and resources allocation, to pursue activity that lead to high productivity and economic growth, to reduce distortion on foreign exchange markets and make prudent investment decision, and to ensure a sound and more efficient financial system,” elucidated Garang.

The governor emphasized the importance of coordinating efforts with relevant authorities to regulate and officially license informal outlets involved in foreign exchange transactions.

“This will be implemented through coordination with relevant authorities as these informal outlets get regulated and officially licensed to transact in the foreign exchange market,” he said.

“Going forward, the law enforcement agencies will discharge their immediate responsibilities to tame any non-compliance practices including by ensuring that no one sells dollars in the open, or under trees without an appropriate license to engage in FX trading,” he added.

Local observers say central bank’s latest stance against unauthorized currency trading underscores its commitment to enhancing the transparency and legitimacy of foreign exchange operations within South Sudan, aiming to instill greater confidence in the country’s financial markets.