Africa-Press – South-Sudan. Governor of the Bank of South Sudan (BoSS), Dr. Addis Ababa Othow, has warned 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.
Speaking at a stakeholders’ meeting in Juba on Friday, Dr. Addis Ababa Othow reaffirmed the Bank’s commitment to expanding access to affordable digital payment systems.
Citing reduced cash-handling risks, enhanced security, and greater convenience as the nation accelerates its digital transformation, he urged commercial banks and mobile money providers to step up public awareness campaigns on the benefits of digital transactions.
On matters related to foreign exchange, Dr. Othow expressed concern over unauthorized and inflated currency trading, including parallel market auctions and unapproved book-value FX rates conducted outside BoSS regulations.
He described such practices as economic sabotage and warned that any 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 cling to cash-based operations are going against national policy. The world is moving digital — South Sudan must not be left behind,” Dr. Othow stressed.
He emphasized the importance of strict compliance with BoSS regulations, including adherence to the official exchange rate and anti-money laundering laws, as the bank strengthens its supervisory oversight to combat misconduct.
He confirmed that foreign exchange auctions will continue and that BoSS has begun disbursing South Sudanese Pounds (SSP) to commercial banks nationwide to ease cash shortages for civil servants and the general public.
On his part, First Deputy Governor Hon. Samuel Yanga warned banks against non-compliance with BoSS mandates, saying there are consequences of violations.
He confirmed that SSP funds have been released to facilitate civil servant salary payments while hard currency auctions aimed to help stabilize the market are underway.
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