By Bida Elly David<\/p>\n
<\/p>\n
Governor of the Bank of South Sudan (BoSS), Dr. James Alic Garang, has declared a total crackdown on unlicensed street money exchangers. <\/em><\/strong><\/p>\n The aim is to enforce strict regulations and eliminate illegal foreign exchange trading in the black market.<\/p>\n Dr. Garang made this announcement during a press conference held on Friday, where he reiterated his commitment to eradicating these unauthorized operators and reinforcing the importance of operating within the legal framework.<\/p>\n <\/p>\n In an initial order, the Central Bank gave forty-five (45) days for street money speculators to get registered and acquire an operational license for their legality.<\/p>\n Governor Alic stated that the central bank has noticed non-compliance from the black market dealers following the initial order issued for their registration.<\/p>\n \u201cFollowing the successful completion of phase three and the forty-five (45) day grace period, the re-organization of the forex market has reached its final phase, starting on April\u00a08, 2022,\u201d the BoSS governor said.<\/p>\n Dr. Alic emphasized that this fourth and final phase requires a more collective and coordinated approach as the Forex Taskforce cracks down on the illegal trading of foreign currency on the streets of Juba and throughout the country.<\/p>\n Quoting the Foreign Exchange Business Act 2012 and the Anti-Money Laundering and Counter-Terrorism Act 2012, Governor Alic highlighted that it is illegal to deal in forex trading without a valid license from the Central Bank.<\/p>\n The governor repeated his call for the unregistered money traders to legally register or face the brunt of the law.<\/p>\n \u201cAll informal dealers are required to obtain licenses and comply with this policy directive with immediate effect; the law enforcement agencies will diligently enforce this policy to ensure compliance,\u201d he highlighted.<\/p>\n Furthermore, he directed all authorized forex bureaus to display the daily exchange rates of currencies.<\/p>\n \u201cAll authorized dealers or currency traders should display buying and selling rates in their areas of operation; they should maintain a tight spread or ensure a small variability between buying and selling rates and bank reference rates,\u201d he noted.<\/p>\n The central bank boss said all the police, both at the state and national levels, will fully participate in the looming crackdown exercise without favour or compromise.<\/p>\n BoSS governor underscored the need for other institutions within the public sector, including citizens, to ensure the effectiveness of the directives.<\/p>\n \u201cThe bank urges all stakeholders, including the general public, law enforcement agencies, and partners, to collaborate in realizing the above policy objective,\u201d he said.<\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" By Bida Elly David Governor of the Bank of South Sudan (BoSS), Dr. James Alic Garang, has declared a total crackdown on unlicensed street money exchangers. The aim is to enforce strict regulations and eliminate illegal foreign exchange trading in the black market. Dr. Garang made this announcement during[Read More…]<\/a><\/p>\n","protected":false},"author":4,"featured_media":23417,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[80,79],"tags":[],"class_list":["post-23416","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","category-news"],"jetpack_featured_media_url":"https:\/\/www.onecitizendaily.com\/wp-content\/uploads\/2024\/04\/Dr.-James-Alic-Garang-Governor-Bank-of-South-Sudan.jpg","_links":{"self":[{"href":"https:\/\/www.onecitizendaily.com\/index.php\/wp-json\/wp\/v2\/posts\/23416","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.onecitizendaily.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.onecitizendaily.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.onecitizendaily.com\/index.php\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.onecitizendaily.com\/index.php\/wp-json\/wp\/v2\/comments?post=23416"}],"version-history":[{"count":1,"href":"https:\/\/www.onecitizendaily.com\/index.php\/wp-json\/wp\/v2\/posts\/23416\/revisions"}],"predecessor-version":[{"id":23418,"href":"https:\/\/www.onecitizendaily.com\/index.php\/wp-json\/wp\/v2\/posts\/23416\/revisions\/23418"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.onecitizendaily.com\/index.php\/wp-json\/wp\/v2\/media\/23417"}],"wp:attachment":[{"href":"https:\/\/www.onecitizendaily.com\/index.php\/wp-json\/wp\/v2\/media?parent=23416"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.onecitizendaily.com\/index.php\/wp-json\/wp\/v2\/categories?post=23416"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.onecitizendaily.com\/index.php\/wp-json\/wp\/v2\/tags?post=23416"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}