Home | News    Monday 31 July 2017

South Sudan bank unveils new regulatory policies


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.


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 comment@sudantribune.com

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.

    repondre message

  • 1 August 13:46, by Resolution

    thieves has no way to steal hard currencies from, the last option is UN agencies and others NGOs those pay their employees in hard currencies to be looted shame on Salva, Makuei and Ateny government

    repondre message

Comment on this article

The following ads are provided by Google. SudanTribune has no authority on it.

Sudan Tribune

Promote your Page too

Latest Comments & Analysis

The 62nd anniversary of Torit popular uprising 2017-08-17 00:23:12 By Arop Madut Arop As the people of the Republic of South Sudan mark and celebrate the 62nd anniversary of August 18th, 1955 Torit uprising, it would extremely be important to recall the events (...)

What is the value of water? 2017-08-14 21:28:25 By Innocent Ntabana When you and I breathe in fresh air, the amount I inhale affects you in no way. This is because air is abundant and so there’s plenty of it to go around. We actually take it (...)

The paradox of weapons collection in Darfur 2017-08-13 09:13:14 By Mahmoud A. Suleiman As a Sudanese people who long for stability, peace and security, we have no objection to the decision to collect unlicensed weapons throughout Sudan, but our reservation (...)


Latest Press Releases

New group formed to gather Nuer in United States 2017-08-17 14:15:50 DECLARATION FOR THE FORMATION OF NUD TO BRING TOGETHER ALL NUER IN THE U.S.A Press Statement The Nuer Union For Development (NUD) The United State of America The State of Nebraska August 15, (...)

A prominent Sudan Women and Civil rights activist passed away 2017-08-14 21:09:47 The Strategic Initiative for Women in the Horn of Africa (SIHA) Khartoum, Sudan-August 14 2017 In the early hours of Saturday 12th August Fatima Ahmed Ibrahim, a renowned Sudanese leader of the (...)

HRW denounces "collective punishment" in South Sudan’s Wau 2017-04-15 07:06:48 Human Right Watch South Sudan: New Spate of Ethnic Killings Urgent Need for Justice; UN Should Increase Patrols in Wau (Nairobi, April 14, 2017) – Government soldiers and allied militias (...)


Copyright © 2003-2017 SudanTribune - All rights reserved.