Central Bank Governor Dr. Alic Garang speaks at a press conference in Juba. (BOSS/Facebook)

The Bank of South Sudan on Friday issued a 10-day ultimatum to informal foreign exchange dealers operating in South Sudan to acquire licenses or risk crackdown.

The Bank said in a statement on its website, the ultimatum for black market currency dealers to formalize their activities, takes effect on Monday December 4, and ends in December 14.

The financial regulator further directs that anyone who engages in foreign exchange business after the deadline, must operate inside a shop, issue receipts and pay taxes.

Addressing the media, Bank Governor Dr. James Alic Garang authorized four zones where the unauthorized currency traders are to temporarily operate before December 14.

In Juba Market, the informal dollar dealers are only allowed to operate in areas between Equity Bank Juba Branch and National Credit Bank, while in Custom Market, they are allowed to work within the main market.

While, in Konyokonyo and Jebel, the dealers are asked to operate within the main markets.

“Once this period elapses, every unauthorized dealer will be expected to operate under a discernable structure,” Dr. Garang said, according to a press statement.

The Bank further said it will implement phase two of the order, which obligates the money dealers to form groups or associations to fast-track their registration.

The bank governor previously said the initiative is not to outlaw the roadside and under-tree currency dealers but to encourage them to find formal spots to execute their businesses.