Central Bank gate. | File/Courtesy.

The Bank of South Sudan has introduced an electronic foreign currency auction system and directed all forex bureaus to register with legitimate commercial banks in order to access the service.

The Bank said the electronic currency auction system is part of policy of modernizing the banking sector through digitization.

In a statement dated April 18, the financial regulator said it is introducing an electronic foreign exchange auction through the Refinitiv Financial Platform that is part of London Stock Exchange Group.

The Central Bank said the system allows regulated entities to participate in the foreign exchange auction without physical presence at it’s premises.

Forex traders have been instructed to open accounts at designated commercial banks including Buffalo Commercial Bank, Cooperative Bank of South Sudan, Eco Bank, Equity Bank, Ivory Bank and Kenya Commercial Bank.

Others are Kush Bank, National Bank of Egypt and Stanbic Bank.

The Central Bank sets 24th April 2024 as the deadline for the accounts registration.

According to the institution once this is done, “the system will go live, and all foreign exchange auctions will be conducted through the new electronic platform.”