The Governor of the Bank of South Sudan (BoSS), Dr. Addis Ababa Othow, has warned that commercial banks engaged in unauthorized and inflated currency trading will face severe consequences, including potential revocation of their operating licenses.
Speaking at a high-level stakeholders meeting held in Juba, Dr. Othow described such practices as acts of economic sabotage, emphasizing that the Central Bank would not tolerate violations of its financial regulations.
“Electronic payments are now recognized as official legal tender. Banks that resist this change and continue relying on cash-based operations are defying national policy,” Dr. Othow stated. “The world is going digital—South Sudan must not be left behind.”
The Governor reiterated BoSS’s commitment to promoting an inclusive and affordable digital payment system. He urged commercial banks and mobile money operators to intensify public awareness campaigns about the benefits of digital transactions, which he said reduce the risks associated with cash handling, enhance financial security, and offer greater convenience.
Dr. Othow also underscored the importance of compliance with BoSS regulations, particularly adherence to the official exchange rate and anti-money laundering laws. He revealed that the Central Bank is ramping up oversight to curb market misconduct and warned against the use of illegal exchange rates.
“Foreign exchange auctions will continue, and BoSS has begun disbursing South Sudanese Pounds (SSP) to commercial banks nationwide to ease the cash shortage affecting civil servants and the general public,” he said.
Deputy Governor Samuel Yanga echoed the Governor’s warning, stressing that non-compliance with BoSS directives would not be tolerated.
Yanga confirmed that funds have been released to support civil servant salary payments and that ongoing foreign currency auctions aim to stabilize the exchange market.
The stakeholders meeting brought together senior government officials, managing directors of commercial banks, telecom executives, and other key financial sector players.
