South Sudan bank unveils new regulatory policies
Article
Comments (1)
email Email
print Print
pdfSave
separation
increase
decrease
separation
separation
July 30, 2017 (JUBA) - The central bank of South Sudan has announced
new monetary policies seeking to avoid more inflation, regulate
trading in foreign currency and combat money laundering and financial
crime
JPEG - 40.7 kb
Women carrying babies are commonly seen queuing at commercial banks
and forex exchange companies in Juba. Trade in dollars has now become
a lucrative business in South Sudan (ST/File)
In statements to the state owned South Sudan Broadcasting Corporation
TV last Thursday, Bank of South Sudan Governor Othom Rago Ajak urged
security organs and members of the general public to play a
supplementary role to help the institution implement major financial
sector reform strategies.
Ajak presented the new measures as part of the monetary policies
developed last May to control inflation, combat financial crime and
support the existing monetary policies.
The new policies, he said, advocate the adoption of new anti-money
laundering policy, which will guide the bank in establishing any
business relationship with other financial institutions and another
policy seeking to strengthen transaction in foreign currency among
others.
The foreign exchange policy requires all business entities and
organizations to open special accounts with the central bank for
foreign exchange transactions.
"The new policy is for the interest of the public. It is a policy
aiming at how best to better manage foreign exchange proceeds,
resulting from the purchase of foreign exchange from the accounts
relating to UN agencies, international Non-Government Organizations,
oil companies and others,” said Ajak.
Ajak further disclosed that all licensed financial institutions have
been directed to implement the new directives immediately.
South Sudan depends on oil revenue for 98 percent of its budget, but
production decreased significantly due to the civil war that erupted
in December 2013, causing most oilfields in the country’s oil-rich
northern region to shut down.
This led to a fall in production to less than 130,000 barrels per day
(bpd) from 350,000 bpd in 2011.The young nation is struggling with
hyperinflation amid shortage of foreign reserves to support imports
The government through the management of the bank and the ministry of
finance and other economic institutions in the country announced in
May that it would engage in major restructuring and reformation of its
system and financial sector in a bid to combat the biting economic
crisis.
The new strategies, approved by the council of ministers, advocates
for strengthening financial sector regulation, supervision, adaptation
of a sound exchange rate policy, public debt management and developing
a financial regulatory framework that is compatible with international
standards.
(ST)
Comments on the Sudan Tribune website must abide by the following
rules. Contravention of these rules will lead to the user losing their
Sudan Tribune account with immediate effect.
- No inciting violence
- No inappropriate or offensive language
- No racism, tribalism or sectarianism
- No inappropriate or derogatory remarks
- No deviation from the topic of the article
- No advertising, spamming or links
- No incomprehensible comments
Due to the unprecedented amount of racist and offensive language on
the site, Sudan Tribune tries to vet all comments on the site.
There is now also a limit of 400 words per comment. If you want to
express yourself in more detail than this allows, please e-mail your
comment as an article to [email protected]
Kind regards,
The Sudan Tribune editorial team.
31 July 08:13, by Paul Chadrack
who will trust you again thieves, what happened in nile commercial
bank is not acceptable any more. in that bank(nile commercial bank)
government looted all the hard currencies save by the costumers and
force them to take SSP in the central bank rates, who will accept them
to loot her/him again?, let the so call thieves government Grieved.
--
To post to this group, send email to [email protected]
To unsubscribe from this group, send email to
[email protected]
Visit this group at https://groups.google.com/d/forum/southsudankob
View this message at
https://groups.google.com/d/msg/southsudankob/topic-id/message-id
For more options, visit https://groups.google.com/d/optout
---
You received this message because you are subscribed to the Google Groups
"South Sudan Info - The Kob" group.
To unsubscribe from this group and stop receiving emails from it, send an email
to [email protected].
To post to this group, send email to [email protected].
Visit this group at https://groups.google.com/group/SouthSudanKob.
To view this discussion on the web visit
https://groups.google.com/d/msgid/SouthSudanKob/CAJb14oqDv4kd4rX7uaT7ggY4CiOduGvRmx%3DbuHgu3bNaj%2BrDYA%40mail.gmail.com.
For more options, visit https://groups.google.com/d/optout.
