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Trading in foreign currencies without license is illegal, declares Garang

Author: Lasuba Memo | Published: April 7, 2024

Dr. James Alic Garang, the Governor of the Central Bank of South Sudan Juba. December 17, 2023. (Photo: Madrama James/Eye Radio)

The governor of the Bank of South Sudan has declared as illegal, trading in foreign currencies without a license from the institution.

The Bank of South Sudan had given street money ex-changers three months with 45-day grace period to register and obtain licenses.

According to Bank governor Dr Garang Alich, the directive came to an end on 1, April 2024.

Dr Alic stated that any currency dealer who is not licensed is illegal and must cease selling and buying foreign currencies in the country.

“The grace period of 45 days came to an end on the 1st of April. Now that the grace period has come to an end.

“We have done everything in our power as a regulator and we are now saying from today to eternity thus the case, it is illegal to sell foreign currency in South Sudan if you do not have a license,” he said during a press conference on Friday.

Dr Alic is encouraging those still unlicensed to register with the Bank.

“You are welcome to register your company any time if you have not done so. And if you are operating without a license, please come to the banks do you due diligence, go and do your business in a professional way.”

Meanwhile, he said those who have been licensed must have a shop within designated business premises and display the exchange rates.

“Where do we expect people to buy and sell, not under trees, not next to the cars or bus stations but to do it within premises like any other business.

“Anyone selling, we expect them to have a shop and we are directing them to display the selling rate and the buying rate,” he added.

The move by the Bank Governor to regulate the financial market comes amid the spiraling inflation in the country.

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