The Economic Crisis Management Committee has reversed early directives restricting the transactions of foreign currencies out of the country.
This is after the committee’s spokesperson announced that the economic committee has restricted the transfer of more than $10,000 out of the country.
In the resolution, the committee also resolves all diplomatic corps and the UN agencies should conduct all national and international transactions of foreign currency through commercial banks in the country.
According to the committee, the resolution is to impose an anti-laundering policy.
The policy said any individual traveling out of the country should not carry physical cash of not more than $10,000.
Addressing the media on Tuesday, the minister of petroleum who also acts as the committee’s spokesperson, Puot Kang Chol said all foreign transfer outside the country must not exceed $10,000.
“Transfer outside the country shouldn’t exceed $10,000… this is basically to say, you want to send money outside, it must not exceed $10,000… otherwise you must explain why you are sending such huge amount.”
However, in a press conference on Friday, the committee’s secretary, Abraham Kuol said they did not restrict the transfer of money but encouraged all transactions to be done through banks in the country.
“In this case, this information was misquoted by the media to show that the committee had resolved that nobody should transfer more than $10,000,” Abraham Kuol said.
“This press conference is meant to make the clarification to the general public that in the resolution, the committee adopted and agreed that all transactions going outside the country should be done through the commercial bank or any other forex.”
The Economic Crisis Management Committee was constituted by President Salva Kiir early this month to arrest the country’s deteriorating economy.
Over the years, rights groups have criticized the government of South Sudan for being complacent in preventing money laundering by allowing millions of dollars sent out of the country allegedly by corrupt individuals.
Via Eye Radio