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Wednesday, November 25, 2020

Closure of “special” bank accounts by S. Sudan Gov’t

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South Sudan’s Central bank Governor Jamal Abdalla Wani has ordered the closure of bank accounts designated by the bank as “Special Accounts” seen by NCMP

According to senior finance ministry officials, the “Special Accounts” belong to senior government officials.

The letter dated August 19, ordered the Stanbic Bank, a South African bank operating in many parts of Africa including South Sudan, to close all of “accounts designated by the Bank of South Sudan as “Special Accounts.”

“Reference is hereby made to the Circular No: DCB/2/2017 issued on 21″, July 2017 together with the Circular No: DCB/1/2020 issued on 24 April 2020 on the Amendment on Guidelines on the Management of Accounts Designated by the Bank of South Sudan as ‘Special Accounts.”

Letter from Central Bank Governor to Stanbic Bank (Document obtained by NCMP)

“The circulars are hereby revoked with immediate effect, and the Bank of South Sudan has closed the ‘Special Accounts’,” the document said.

The closure of the accounts comes a day after a senior government official revealed that the Central Bank of South Sudan (CBOSS) had run out of foreign exchange reserve and that it was struggling to control the dollar price which has been skyrocketing in recent days.

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