Governor of the Bank of South Sudan (BoSS), Dr. Addis Ababa Othow, has issued a warning against the use of illegal exchange rates while outlining key priorities to stabilize the foreign exchange market, strengthen the economy, promote digital financial inclusion, and curb unethical banking practices.
During a stakeholders’ meeting in Juba on Friday, Dr. Addis Ababa Othow reiterated the Bank’s dedication to expanding access to affordable digital payment systems.
Highlighting the benefits of digital transactions such as reduced cash-handling risks, enhanced security, and greater convenience, he urged commercial banks and mobile money providers to increase public awareness campaigns about the advantages of digital payments.
Dr. Othow expressed concern about unauthorized and inflated currency trading, including parallel market auctions and unapproved book-value FX rates conducted outside BoSS regulations, labeling such practices as economic sabotage. He warned that banks or institutions involved would face severe penalties, including license revocation.
“Electronic payments are now recognized as official legal tender. Banks that resist this change and stick to cash-based operations are diverging from national policy. The world is embracing digital transformation – South Sudan must keep pace,” Dr. Othow emphasized.
He stressed the significance of adhering to BoSS regulations, including compliance with the official exchange rate and anti-money laundering laws. BoSS is strengthening its supervisory oversight to tackle misconduct.
Dr. Othow confirmed that foreign exchange auctions will continue and that BoSS has commenced disbursing South Sudanese Pounds (SSP) to commercial banks nationwide to alleviate cash shortages for civil servants and the public.
First Deputy Governor Hon. Samuel Yanga cautioned banks against non-compliance with BoSS mandates, emphasizing the repercussions of violations. He confirmed the release of SSP funds for civil servant salary payments and ongoing hard currency auctions to stabilize the market.
