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Central bank introduces special accounts for foreign exchange

The Central Bank has introduced a new policy designating some “special accounts” for foreign exchange profits, the Governor of the Bank announced yesterday after the board meeting.

Dr. Othom Rago Ajak said that the new policy is introduced to better manage the foreign exchange profits resulting from the purchases from accounts relating to United Nations Agencies, International Non-Governmental Organizations (NGOs), oil companies and other key players in the financial industry.

He directed all licensed financial institutions to implement the new policy immediately.

Dr. Ajak revealed that board members had approved ‘anti- money laundering and combating the financial terrorism questionnaire’ which the bank will use as a guide when establishing any business relationship with key players in the industry and financial institutions.

He said the bank is set to approve the bank’s procurement regulation in the next board meeting in October this year once it is finalized by the management.

The Governor further said the other issues discussed were steps taken by the bank to put in place workable monetary policy framework that will help to carry out its core mandate of maintaining price stability. He did not however elaborate further on what steps the bank will take to maintain stability of prices.

He added that the bank is working in collaboration with the International Monetary Fund and some of the regional Central Banks to build the capacity to formulate and implement the new monetary policy framework.

He said that an audit for the bank by South Sudan Audit Chamber in collaboration with an international audit firm-Deloitte and Touché is ongoing.

Ajak said board members will approve the audit result as soon as the audit work is completed.

By Morris Dogga

 

 

 

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