Central Bank Limits Cash Withdrawals to SSP 10 Million
The Bank of South Sudan (BoSS) has issued new directives limiting cash withdrawals across all banking channels. According to Circular No. BoSS/DBO/001/24, dated September 16, 2024, public sector institutions, government agencies, private corporations, and individuals are now capped at a maximum cash withdrawal limit of SSP 10 million. Withdrawals exceeding this limit must be deposited through bank accounts, transferred within the banking industry, or conducted via interbank transactions, including mobile money. This policy aims to promote financial sector digitalization, enhance compliance with anti-money laundering (AML) and combat the financing of terrorism (CFT) regulations, and encourage the use of authorized banking channels. BoSS emphasizes the importance of using mobile money and banking services, particularly in underserved rural communities.
Additionally, the directive urges all employees in the public and private sectors to open bank accounts. The BoSS acknowledges cash’s significant role in the economy but emphasizes a shift towards a more cashless society.
