By James Atem

Copyright eyeradio

Bank of South Sudan headquarters in Jebel, Juba. (Photo: Eye Radio).

The Bank of South Sudan has issued a new directive to regulate the movement of cash within the country and across its borders.

In a statement released yesterday, the Directorate of Banking Supervision and Financial Stability outlined measures under the amended Bank of South Sudan Act and the Banking and Other Financial Institutions Act.

The directive stated that large sums of South Sudan Pounds or foreign currencies can only be transported through licensed financial institutions and their authorized agents.

It added all such movements must be documented, declared, and reported to the Bank of South Sudan.

The bank also directed that businesses and traders are allowed to move cash only for the purpose of depositing funds into licensed commercial banks.

On cross-border movements, the bank directive says importing or exporting cash above the threshold set by the Bank requires prior written authorization.

Any undeclared or unauthorized transfer of cash will be treated as illegal, with penalties including confiscation and possible prosecution.

The directive also requires financial institutions, their agents, and corporate entities to submit reports of such transactions to the Directorate of Currency and Banking Operations within 24 hours.

According to the statement, enforcement will be carried out in collaboration with law enforcement agencies, customs, and border authorities.