(JUBA) – The Central Bank of South Sudan (BoSS) has banned the transportation of large sums of cash in an attempt to control money laundering, illicit financial flows and currency hoarding.
The directive issued on 16 September 2025 states that businesses and individuals are no longer allowed to carry significant amounts of South Sudanese Pounds (SSP) or foreign currencies outside licensed financial institutions. All cash transfers must now be formally declared, documented and reported to the central bank.
According to the circular, “the transport or movement of large sums of South Sudanese Pounds or foreign currencies must be conducted exclusively through licensed financial institutions and their authorised agents.”
Majok Kuol Mading, the BoSS Director General of Banking Supervision and Financial Stability, warned that unauthorised or undeclared cash movements will be considered violations of the law. Offenders face penalties including confiscation of funds and possible legal action.
He said the directive will be enforced in collaboration with law enforcement agencies, customs and border authorities to protect the integrity of the country’s financial system. The move is also intended to discourage the hoarding of hard currency and the misuse of large cash transactions, which have worsened inflationary pressures.
Businesses are only permitted to move money when depositing into licensed commercial banks. Any internal transfers of South Sudanese Pounds or foreign currency must first be approved by the financial markets and banking operations departments of the central bank. Reports of such transactions must be filed within 24 hours to the Directorate of Currency and Banking Operations.
BoSS stressed that cross border cash movements remain heavily regulated and require prior written authorisation.
Recent Cash Control Measures
| Date | Policy Introduced | Details |
|---|---|---|
| September 2024 | Withdrawal Cap | SSP 10 million (approx. $2,200) per person or institution; later lifted |
| September 2025 | Cash Transport Ban | Movement of large sums restricted to banks and authorised agents only |
| Ongoing | Gold and Goods Hoarding Ban | Hoarding of key goods such as gold prohibited to combat inflation |
South Sudan has faced financial instability for years. The country was placed on the Financial Action Task Force (FATF) Grey List in June 2021 for weaknesses in its anti-money laundering and counter terrorism financing systems. Grey listing reduces investor confidence and complicates international transactions for businesses.
The new restrictions come as businesses increasingly hoard cash in anticipation of political uncertainty. Tensions remain high between President Salva Kiir and his suspended First Vice President, Riek Machar, who is currently facing treason charges.
South Sudan’s economy is already under severe strain from volatile oil prices, high inflation and a currency that continues to lose value. Inflation has increased the cost of basic goods, making business operations more difficult.
The central bank previously lifted the cash withdrawal cap at the end of 2024 after urging lenders to offer interest on savings to discourage households and businesses from holding on to physical cash. The latest ban shows a tougher stance by the bank as it seeks to stabilise the financial system and rebuild confidence among investors.
Governor Hon. Dr Addis Ababa Othow has also called for stronger action against hoarding of both money and valuable goods such as gold, warning that such practices weaken the economy and add to inflationary pressures.