South Sudan cracks whip on informal forex dealers

south sudan dollar transfer

People jostle to exchange their currencies in a local bank in Juba, South Sudan. PHOTO | REUTERS

The Bank of South Sudan (BoSS) has moved to curtail the operations of informal foreign exchange dealers as part of the World Bank-funded financial sector modernisation and reform plan.

The aim is to terminate parallel forex markets, rein in money laundering activities and address the banking sector’s weaknesses and vulnerabilities.