By: Deng Athian
The Governor of the Bank of South Sudan (BoSS) Dr. Addis Ababa Othow has urged the commercial banks to adhere to the rules and regulations.
The governor made a call on Friday while meeting with heads of the commercial banks and mobile money operators in Juba.
The discussion was aimed at strategies on plans to launch the national payment system set to be sooner.
The governor of the Bank of South Sudan warns the commercial banks and mobile money operators against the violation of the central bank’s regulations.
One of the regulations, Governor Addis Ababa emphasized, included foreign currency exchange rates.
“We regulate the banks. All the banks that violate our regulations might risk losing their licenses. We believe those practices fuel the inflation. All foreign exchange rate transactions must meet the official exchange rate,” Governor Addis Ababa warned.
Hon. Addis Ababa was speaking in a meeting convened at the BoSS headquarters.
There are more than 30 commercial banks operating in South Sudan.
However, recently South Sudan President Salva Kiir Mayardit assigned Dr. Addis Ababa Othow the crucial task of implementing reforms to enhance governance and restore best practices within the Central Bank.
The president made the remark during the swearing-in ceremony.
Expressing his deep concern over ongoing financial malpractices, the President specifically addressed the alarming issue of officials soliciting “10 percent” kickbacks in financial transactions.
He warned that any individual found engaging in such unethical behaviour would face severe consequences.
“Such misconduct is unacceptable and will not go unpunished,” President Kiir declared, instructing the Financial Intelligence Unit to enhance its oversight function and report any infractions directly to his office on a regular basis.