(JUBA) – The Governor of the Bank of South Sudan (BoSS), Dr Addis Ababa Othow Akongdit, and the National Minister of Trade and Industry, Hon Atong Kuol Manyang Juuk, have urged traders across the country to deposit their business earnings in commercial banks instead of keeping large sums in cash.
The call was made during a high level meeting held at the Bank of South Sudan headquarters in Juba on Tuesday, 4 November 2025. The meeting focused on strengthening cooperation between the Central Bank and the Ministry of Trade to stabilise market prices and enhance private sector reform measures aimed at building confidence in the formal banking system.
Minister Atong said that depositing money in banks not only ensures safety but also supports the overall financial health of the economy.
“The banking system remains the safest and most reliable place for business funds,” she said, adding that cash hoarding weakens the national currency and limits the ability of banks to lend to small and medium enterprises.
She further briefed the Central Bank leadership on her recent official visit to Türkiye, where several Turkish investors and financial institutions expressed interest in entering South Sudan’s banking sector. The Minister said discussions are ongoing to attract foreign banks that can strengthen the financial system, introduce modern banking technologies, and expand access to credit for local businesses.
Dr Othow, the Governor of BoSS, described the meeting as a key step towards improving coordination between the two institutions. He said the Central Bank and the Ministry of Trade share a common goal of stabilising market prices, supporting private sector growth, and encouraging citizens to use formal financial channels.
“The Central Bank is working closely with the Ministry of Trade to ensure that our monetary and trade policies complement each other. Together, we want to restore public trust in the financial system and promote financial discipline among traders,” Dr Othow said.
Both leaders stressed that greater cooperation between the banking and trade sectors is necessary to tackle inflation, enhance liquidity management, and ensure that financial reforms reach businesses at all levels.
Economic analysts in Juba have often warned that a large proportion of cash circulating outside the banking system reduces financial transparency and hinders the Central Bank’s ability to manage the economy effectively.
| Key Points Discussed | Details |
|---|---|
| Strengthening banking cooperation | Joint measures to stabilise prices and improve liquidity |
| Encouraging deposits | Traders urged to use formal banking channels |
| Investor interest from Türkiye | Plans to attract new international banks |
| Public trust in financial system | Promoting confidence through policy coordination |
| Support for private sector | Expanding access to loans and financial services |