The government through the Economic Crisis Management Committee (ECMC) has banned the transfer of more than USD10, 000 outside the country, an attempt to tackle the current economic crisis.
The crisis management committee chaired by Vice President Dr. James Wani Igga was formed by President to salvage the country from the deteriorating economy.
It is mandated to streamline the collection of non-oil revenues, monitor all financial transactions, and to make recommendations on the measures to be taken to manage the current economic crisis.
Speaking over the state television (SSBC) on Tuesday, the spokesperson for the Economic Crisis Management Committee Puot Kang Chol said that the committee had resolved to prohibit individuals and commercial banks from sending money amount to more than ten thousand US dollars out of the country without clear explanation.
“Transfer outside the country should not exceed ten thousand US dollars. This is basically to say, if you want to send money outside, it must not exceed ten thousand US dollars otherwise you must explain why you are sending such a huge amount of money,” Kang said.
Kang added that all local transactions as well as international transactions should be done in local currency (South Sudanese Pounds) and any monetary transactions had to be channeled through the domain of the banking systems.
“This is to say any money coming into the country whether, from Diplomatic corps, UN agencies, NGOs and international organizations should be channeled through banks and not outside the banking system,” he added.
According to Kang, the committee recommended that all transfers into South Sudan should be announced as soon as the transactions were done and there must be declared with immediate effect.
The committee was formed to execute its mandate for three months; it has so far recommended the termination of services of the Director-General of Custom Service, Major General Ayii Akol, and to close all illegal accounts belonging to the customer service.
Via Juba Monitor