South Sudan Central Bank sets cash withdrawal limit

September 16, 2024 (JUBA) – The maximum cash withdrawals across all channels at the Bank of South Sudan and all commercial banks shall not exceed SSP 10,000,000, the Central Bank said on Monday.

Withdrawals exceeding SSP 10m, it stated, shall either be deposited through a bank account within the banking industry or through interbank transactions, including mobile money operators.

“The bank will further enforce compliance with ex-ante AML/CTF [Anti-Money Laundering /Countering the Financing of Terrorism] regulations relating to KYC [Know Your Client] and customer due diligence”, the Central Bank noted.

In the September 16, 2024 circular, the bank encouraged clients to use alternative authorized channels to conduct their banking transparency, thereby fostering digitization of financial services.

“All commercial banks and mobile money agents are important participants in the finance system, enabling access to financial services in the underserved and rural communities”, it further stated.

The Bank of South Sudan, however, said it will continue to encourage these sectors to perform their strategic functions in line with the existing regulations governing their acuities.

“All the employees in public and private sectors are encouraged to open bank accounts”, it stressed.

South Sudan faces a runaway inflation exacerbated by soaring consumer prices blighted by the short supply of goods and services on the market.

(ST)