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BOSS renews directive to license informal Forex dealers

Author: Moyo Jacob Felix | Published: Monday, December 18, 2023

Dr. James Alic Garang, the Governor of the Central Bank of South Sudan speaks at the launch of Africa Center for Financial Inclusion head office in Juba. December 17, 2023. (Photo: Madrama James/Eye Radio)

The Governor of the Bank of South Sudan on Sunday reiterated his call on informal foreign exchange dealers in Juba to legalize their businesses.

In early December, Dr. James Alic Garang issued a 10-day ultimatum to the black-market currency dealers operating in South Sudan to acquire licenses or risk crackdown.

The order commenced from December 4 and ended on December 14.

It was followed by a crackdown on the street dollar sellers in what the Bank believes is a measure to boost the country’s financial stability.

Bank Governor Alic said the initiative was to meet the institution’s mandate of monitoring domestic price and bringing about financial system stability.

This is amid a worsening exchange rate that has resulted in rising commodities prices and high cost of living for South Sudanese.

Speaking at the opening of Africa Center for Financial Inclusion Head Office in Juba on Sunday, Dr. Garang said it is not a crime to sell on the streets, adding that this must be done in a formal way.

“We have taken a number of initiatives, some of them will not be seen overnight but there is one that I can promise the audience that we have taken to heart and that is our attempt to reorganize the informal market,” Dr. Garang said during the launch of a financial research center in Juba.

“When you go on the streets of Juba, you see mostly our brothers siting under trees or under the shades selling forex. We say it is not a crime to sell but it is not done like that.”

“It must be done in an organized way like the way it is done in other countries. If you want to engage in forex exchange training, well you can go ahead but do so in a way that is in line with our laws and regulations.”

Dr. Garang said the Bank requires informal foreign exchange dealers to do business inside structures and not under-trees or shop verandas.

“Do it in a building then later down the line, we will require you to register and operate formally like any other one.”

 

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