Central Bank puts black market dealers on notice

Central Bank puts black market dealers on notice

The Central Bank issued a 10-day ultimatum to all unauthorised money dealers to acquire formal and marked structures rather than operating under umbrellas and trees.

The governor of the Bank of South Sudan, Dr James Alic Garang, lamented in an address to journalists on Friday that all markets and streets have been infiltrated by forex dealers who need to be regulated.

Governor Alic directed that the dealers operate within the designated places, where they could later establish formal and marked structures.

“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 to14,” Alic ordered

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

“Once this deadline (4th–14th of December) elapses, every unauthorised dealer will be expected to operate under a discernible structure,” he said.

Among the places designated for unauthorised foreign exchange dealers are Juba town, just along the area between Equity Bank, Juba Branch, and the National Credit Bank.

Governor Alic added that the vendors are also allowed to operate within the Customs Market, Jebel Market, and Konyo Konyo Market, but not on the streets.

The governor said that all the unauthorized traders in the designated locations would operate within a building or shops and not on the streets.

He revealed that those who violate the order must be punished.

“The Bank of South Sudan will fully engage other stakeholders, including Juba City Council and law enforcement agencies, to curb and apply the full force of the law on noncompliance,” he said.

He called on the public to respect the law and allow the Central Bank to play its role in improving the economy.

The governor expressed that the Central Bank would continue to put more dollars in the market to rescue local currencies from further depreciation against foreign currencies.