Central Bank needs to go for big fish to drain the swamp in black market

Central Bank needs to go for big fish to drain the swamp in black market
The Central Bank of South Sudan outer view (photo credit: courtesy)

The Bank of South Sudan issued a 10-day ultimatum to all unauthorised money dealers on Friday to acquire formal and marked structures.

The bank noted that all the markets in Juba and the streets have been infiltrated by currency black-market dealers.

 “Currency traders operating outside the jurisdiction of the Central Bank are authorised to strictly operate in four locations across Juba, and this will start on Monday, December 4 to 14,” the order read.

He added that after the deadline lapses, the dealers will be allowed to register and form an association.

Although streamlining the operations of the black-market dealers is the right decision, the Central Bank should have focused beyond those young boys buying and selling money on the streets.

The bank should first investigate those vendors and find out who the tycoons behind those black-market dealers are.

It is important to determine the course of the business and those supplying them with hard currency. This will enable the bank to deal directly with the owners of the business instead of the vendors.

By just looking at those boys trading in cash on the streets of Juba, it is obvious that their physical appearance does not even equate to the value of the money they hold.

In a normal situation, one cannot fail to differentiate between rich and poor people, as you can easily tell from their physical appearance.

These boys selling and buying money on the streets look so vulnerable, and you cannot be convinced that they own the business.

So, they are simply employed by some people who have access to hard currency to do their business.  

These are the business owners that the Central Bank needs to dig out if they want to legalise the business.  

Most of these vendors are just employees, and the Central Bank cannot deal with them direct as the country’s finance regulator.