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Bank of South Sudan Act: Key Provisions Explained
The Bank of South Sudan Act, 2011 aims to establish a strong and stable financial system in the country. As part of this effort, the act outlines several key provisions that govern the bank’s operations, including its ability to publish circulars and guidelines for regulated entities.
Circulars and Guidelines
The Bank may issue circulars at any time, which must not be inconsistent with the Act or other relevant laws. These circulars can outline various matters, such as:
- The manner in which the Bank proposes to exercise its functions under the Act or other relevant laws
- Clarification of provisions of the Act or other relevant laws for guidance on compliance
- Expectations for regulated entities regarding their business practices
- Specified business practices that may be detrimental to the soundness or financial stability of regulated entities
If a regulated entity or person engages in business practices inconsistent with these circulars, the Bank may deem them non-compliant and exercise its authorities accordingly.
International Cooperation
The Bank is responsible for representing South Sudan in international meetings, councils, and organizations related to monetary policy, regulation, and supervision of banks. The Bank may also provide banking services to foreign governments, central banks, and international organizations.
Furthermore, the Bank may cooperate with foreign financial supervisory authorities on a reciprocal basis, exchanging information about regulated entities that operate in both jurisdictions while ensuring confidentiality.
Organization and Administration
The Bank is structured with a Board of Directors as its highest policy-making body, comprising nine voting members. The Governor serves as Chairman, with two Deputy Governors and six non-executive members. The Board is responsible for adopting the Bank’s principal policies and supervising its administration and operations.
Each member of the Board must take an oath or affirmation before assuming their duties, promising to discharge their functions with integrity and dignity in the best interest of the people of South Sudan.
These provisions demonstrate the Bank’s commitment to ensuring a stable financial system in South Sudan while promoting cooperation with international partners.