Bank of South Sudan (BOSS) Announces New Measures to Formalize Currency Exchange Agents
Juba – The Bank of South Sudan (BOSS) has unveiled fresh measures and prudential guidelines aimed at formalizing unauthorized foreign exchange dealers and regulating authorized currency dealers across the market. The move comes as the bank enters Phase III of its efforts to formalize the foreign exchange market.
In a press release issued by the Office of the Governor, interested applicants or agents were advised to adhere to the new measures, which include obtaining application forms from the Banking Supervision Department starting on Monday, February 26, 2024. The forms will be available daily from 9:00 am to 3:00 pm.
Furthermore, all dealers are directed to rent shops in designated locations as indicated in previous communications from the bank. Current unauthorized dealers have been given a 45-day window, starting from February 26, to formally register as Currency Exchange Agents, ensuring compliance with the regulations and guidelines set forth by BOSS.
Applicants are also required to comply with the provisions of key legal frameworks and related laws, including the Bank and other Financial Institutions Act, 2023 (amended), Anti-Money Laundering and Counter Terrorist Act, 2012, Foreign Exchange Act, 2012, and any other pertinent legal framework.
“The Bank of South Sudan reserves the right to always amend or alter in whole or in part any related policy with regard to these new measures and regulations,” stated Hon. Dr. James Alic Garang, Governor of Bank of South Sudan.
The bank also mentioned that regulatory guidelines and an operational checklist can be obtained from the Bank Supervision Department for further information on the new measures.
