Place what youOn Friday, the South Sudanese Central Bank issued a directive outlawing any unapproved foreign exchange transactions.

The action is intended to prevent money laundering and stabilise the South Sudanese Pound, the local currency, according to Bank Governor James Alic Garang.

Speaking to reporters at the Central Bank Headquarters in Juba, Alic stated that all unlicensed foreign exchanges are still prohibited after the 45-day grace period that the central bank granted to restructure the foreign currency (FX) market has passed.

It is currently forbidden to deal in foreign exchange without a current licence from the Bank of South Sudan, according to the Foreign Exchange Business Act 2012 and the Anti-Money Laundering and Counter-Terrorism Act 2012.” Alic stated.

He stated that licences must be obtained by all informal sellers in order to assure compliance with the policy directive, and that law enforcement agencies will actively implement the policy to that end.

According to Alic, there should be a limited amount of difference between the purchasing and selling rates in relation to the reference rate set by the Central Bank, and all authorised dealers or currency traders should post the buying and selling rates on their property.

The South Sudanese Pound (SSP) lost value locally because of the turmoil in Sudan, the country’s oil exports were impacted, South Sudan claimed last month. Fuel and other necessities saw price increases as a result, which had an impact on the market.

The nation’s security services repressed the foreign exchange traders on the streets of Juba, the capital, last week. Large sums of money that were being exchanged on the illicit market were seized by the team, and over 20 persons were reportedly arrested during the operation.