The Central Bank of South Sudan announced on Monday a new limit on cash withdrawals.
From now on, the maximum amount that can be withdrawn from the Bank of South Sudan and all commercial banks through any method is capped at SSP 10,000,000.
Withdrawals exceeding SSP 10 million must be conducted through interbank transactions, which include using mobile money providers or bank accounts managed by the banking sector.
The Central Bank also stated that it would strengthen its enforcement of anti-money laundering (AML) and counter-terrorism financing (CTF) measures, including Know Your Customer (KYC) and customer due diligence requirements.
In a circular dated September 16, 2024, the bank encouraged customers to use alternative, permitted channels for transparent banking, promoting the digitization of financial services.
“All commercial banks and mobile money agents play crucial roles in the financial system, particularly in providing access to financial services in underserved and rural communities,” the bank said.
Despite this, the Bank of South Sudan reiterated its commitment to ensuring that these industries operate in compliance with current regulations.
The bank also encouraged all employees, both public and private, to open bank accounts.
The country has been facing skyrocketing consumer prices and runaway inflation due to a lack of available products and services.