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BoSS Governor issues guidelines to regulate foreign exchange

BoSS Governor issues guidelines to regulate foreign exchange

By Chance Baniko

Dec 1st, 2023 – BoSS Governor Hon. Dr. James Alic Garang has issued 10 days ultimatum to unauthorized foreign exchange dealers in the local markets to operate within the confines of the law or face justice

The ultimatum, which begins Monday, December 4th runs until 14th December 2023, during which illegal traders must comply with this new directive linked to modernization of the Bank or risk the full force of the law. 

He made the statement during a press conference held in Juba on Friday.  

The governor said Juba is now divided into four zones where unauthorized market dealers and speculators are supposed to operate. 

In Juba Market, informal foreign exchange dealers are only permitted to operate along the area between the Equity Bank Juba branch and the National Credit Bank. 

In Customs Market, informal foreign exchange traders should temporarily operate within the main market. 

Meanwhile in Jebel Market, informal foreign exchange dealers should temporarily operate within the main market. 

While in Konyokonyo Market unauthorized dealers should temporarily operate within the main market.  

The governor stressed that the phase one of the ultimatum requires the unauthorized dealers to operate either in the open or under shades for a period not exceeding ten days. “Once this period elapses, every unauthorized dealer will be expected to operate under a discernable structure, “he said. 

Meanwhile in the phase two of the order, the dealers should form groups or associations to fastrack the process of registration and wait for further directives from BoSS on how to obtain licenses to operate a foreign exchange bureau. The Banking Supervision at this stage will formulate guidelines for local money transfers. 

On the other hand, the governor warned that anyone who wants to engage in foreign exchange trading, must do it inside a shop and issue receipts and pay taxes. 

Broadly, the governor said that all informal foreign exchange dealers should form representative groups to consult with concerned Department of Banking Supervision to obtain licenses and operate under a permanent structure such as forex. 

The governor promised that the Bank will fully engage other stakeholders including the Juba City Council and law enforcement agencies to curb and apply the full force of the law on non-compliance market participants. 

Upon the implementation of this deliberate reorganization of the informal foreign exchange traders, the Bank will roll out a comprehensive policy to streamline such activities along the existing regulations and guidelines. 

Finally, the governor said these measures are geared towards streamlining the foreign exchange trading while mitigating the related currency risks. All these steps will eventually allow the Bank to gather credible and reliable statistics and data to formalize the unauthorized dealers into the mainstream foreign exchange markets. 

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