BANKOFSOUTHSUDANACT,2011|BankofSouthSudan
Home
AboutTheBSS
Careers
Countactus
Forms
Currency
Menu
Search
BankingOperations
Circulars
FinancialMarkets
MonetaryPolicy
RegulationandSupervision
ResearchandStatistics
Navigation
BANKOFSOUTHSUDANACT,2011
THELAWSOFSOUTHSUDAN
BANKOFSOUTHSUDANACT,2011
______________________________________________________________________
PrintedbytheMinistryofJustice
BankofSouthSudanAct,2011
CHAPTERI
https://bosshq.net/resrarchandstatistics/bankofsouthsudanact2011/
1/59
10/02/2015
BANKOFSOUTHSUDANACT,2011|BankofSouthSudan
PRELIMINARYPROVISIONS
1.TitleandCommencement
2.RepealandSaving
3.Purpose
4.AuthorityandApplication
1. Interpretation
CHAPTERII
ESTABLISHMENTOFTHEBANK
6.Establishment
7.Objectivesandbasictasks
8.IndependenceoftheBank
9.LegalprotectionfortheBank,itsofficials,employees
andagents
10.TaxationprovisionsapplicabletotheBank
11.Prohibitedactivities
12.Authoritytoissueregulationsandcirculars
13.Internationalcooperation
https://bosshq.net/resrarchandstatistics/bankofsouthsudanact2011/
2/59
10/02/2015
BANKOFSOUTHSUDANACT,2011|BankofSouthSudan
CHAPTERIII
ORGANIZATIONANDADMINISTRATION
14.Organization
15.CompositionoftheBoard
16.FunctionsandpowersoftheBoard
17.ConditionsformembershipontheBoard
18.CompensationofmembersoftheBoard
19.RemovalofBoardmembers
20.ResignationofBoardmembers
21.VacanciesontheBoard
22.MeetingsoftheBoard
23.Proceedings,minutes,anddecisionsoftheBoard
24.AuditCommitteeoftheBoard
25.Othercommittees
26.PowersanddutiesoftheGovernor
27.InternalAuditorandInternalAuditDepartment
28.PowersoftheInternalAuditDepartment
29.Professionalstaff,otheremployeesandagents
30.LimitationsoncreditbyBankofficialsandstaffmembers
31.Conflictsofinterest
32.Secrecy
CHAPTERIV
https://bosshq.net/resrarchandstatistics/bankofsouthsudanact2011/
3/59
10/02/2015
BANKOFSOUTHSUDANACT,2011|BankofSouthSudan
FINANCIALAFFAIRS
33.Capital
34.ReservesoftheBank
35.CalculationofnetprofitornetlossoftheBank
36.Allocationofnetprofit
37.Allocationofnetloss
38.Coverageofshortfallsincapital
CHAPTERV
MONETARYUNIT,BANKNOTESAND
CURRENCY
39.Monetaryunit
40.Issueofbanknotesandcoins
41.FunctionsoftheBankregardingcurrency
42.Currencyfeatures
43.UnfitCurrency
44.Accountingtreatmentofcurrencyissued
https://bosshq.net/resrarchandstatistics/bankofsouthsudanact2011/
4/59
10/02/2015
BANKOFSOUTHSUDANACT,2011|BankofSouthSudan
45.Currencyrecall
CHAPTERVI
LEGALTENDER
46.SouthSudanesepoundaslegaltender
47.Publicaccountsandcompulsorypayments
48.Sumsmentionedinlaws,valuation,andconversion
49.Designationofpricesforgoodsandservices
50.Freedomofcurrency
51.Enforcementofforeigncurrencypaymentobligations
CHAPTERVII
MONETARYFUNCTIONSAND
OPERATIONS
1. Monetaryandexchangeratepolicy
53.ExternalvalueoftheSouthSudanesepound
54.Overnightadvances
55.Issuanceofdebtsecurities
https://bosshq.net/resrarchandstatistics/bankofsouthsudanact2011/
5/59
10/02/2015
BANKOFSOUTHSUDANACT,2011|BankofSouthSudan
56.Requiredreservesofbanks
57.Publicationofinformationrelatingtocurrency
CHAPTERVIII
FOREIGNEXCHANGEOPERATIONS
58.Generalpolicy
59.ResponsibilitiesoftheBank
60.Internationalclearingandpaymentsagreements
61.Internationalreserveassets
62.Acquisition,holdinganddisposalofinternationalreserves
63.Investmentofinternationalreserveassets
CHAPTERIX
RELATIONSWITHTHEGOVERNMENT
64.Banker,adviser,andfiscalagent
65.AdvancestotheGovernment
66.Consultationsandreportingonpublicsectorborrowing
67.DepositoryandcashierfortheGovernment
68.Fiscalagencyfunction
69.RequiredInformation
https://bosshq.net/resrarchandstatistics/bankofsouthsudanact2011/
6/59
10/02/2015
BANKOFSOUTHSUDANACT,2011|BankofSouthSudan
CHAPTERX
RELATIONSWITHREGULATEDENTITIES
70.Supervisionofregulatedentities
71.Lenderoflastresortfunction
CHAPTERXI
ACCOUNTS,FINANCIALSTATEMENTS,
AUDIT,ANDREPORTS
72.Financialyear
73.Accountingpractices
74.Financialstatements
75.Auditofaccounts
76.Transmittalandpublicationofstatementsandreports
CHAPTERXII
COLLECTIONOFSTATISTICALINFORMATION
77.Collectionofstatisticalinformation
https://bosshq.net/resrarchandstatistics/bankofsouthsudanact2011/
7/59
10/02/2015
BANKOFSOUTHSUDANACT,2011|BankofSouthSudan
CHAPTERXIII
MISCELLANEOUSPROVISIONS
78.Preferentialright
79.Standardsofgoodadministration
CHAPTERXIV
TRANSITIONALPROVISIONS
80.Executionofcontractsandtransactions
81.Temporarymonetarypolicyobjective
1. TemporarysuspensionoflimitationonadvancestotheGovernmentbasedontheBankscapital
BankofSouthSudanAct,2011
InaccordancewiththeprovisionsofArticle55(3)(b)readtogetherwithArticle85(1)ofthe
TransitionalConstitutionoftheRepublicofSouthSudan,2011,theNationalLegislature,withthe
assentofthePresidentoftheRepublicofSouthSudanherebyenactsthefollowing:
CHAPTERI
PreliminaryProvisions
1.TitleandCommencement
https://bosshq.net/resrarchandstatistics/bankofsouthsudanact2011/
8/59
10/02/2015
BANKOFSOUTHSUDANACT,2011|BankofSouthSudan
ThisActshallbecitedasBankofSouthSudanAct,2011andshallcomeintoforceonthedateofits
signaturebythePresident.
2.RepealandSaving
AnyexistinglegislationinSouthSudan,thatgovernsthesamemattersassetforthinthisAct,arehereby
repealedorceasetooperateinSouthSudanprovidedthat,allproceedings,ordersandregulationstaken
ormadethereunder,excepttotheextenttheyarecancelledbyorareotherwiseinconsistentwiththe
provisionsofthisAct,shallremaininforceoreffect,untiltheyarerepealedoramendedinaccordance
withtheprovisionsofthisAct.
3.Purpose
ThepurposeofthisActistoprovidefortheestablishmentandgovernanceoftheBankofSouthSudan
andanymattersorissuesrelatedthereto.
4.AuthorityandApplication
ThisActisdraftedinaccordancewiththeprovisionsofArticle182(1)oftheTransitionalConstitutionof
theRepublicofSouthSudan,2011whichprovidesfortheestablishmentofacentralbankinthe
RepublicofSouthSudantobeknownastheBankofSouthSudan.
Interpretation
InthisActunlessthecontextotherwiserequires,thefollowingwordsandexpressionshallcarrythe
meaningassignedtothemrespectively
NationalLegislaturemeanstheNationalLegislativeAssemblyandCouncilofStates
AuditorGeneralmeanstheAuditorGeneralofSouthSudan
https://bosshq.net/resrarchandstatistics/bankofsouthsudanact2011/
9/59
10/02/2015
BANKOFSOUTHSUDANACT,2011|BankofSouthSudan
bankmeansalegalentityengaginginthebusinessandreceivingofmoneydepositsorotherrepayable
fundsfromthepublicandmakingcreditsforitsownaccount,andlicensedtodobusinessinSouth
Sudan
BankmeansBankofSouthSudan
banknoteincludesanyinstrumentused,orintendedtobeusedasmoneyorastheequivalentof
money,issuedunderlawfulauthorityinSouthSudanorelsewhere
BoardmeanstheBoardofDirectorsoftheBank
capitaloftheBankmeanstheexcessofthevalueoftheBanksassetsoveritsliabilities
chequecashingmeansreceivingcompensationfortakingpaymentinstrumentsorstoredvalue,other
thantravellerscheques,inexchangeformoney,paymentinstruments,orstoredvaluedeliveredtothe
persondeliveringthepaymentinstrumentorstoredvalue,including,butnotlimitedto:
(a)thepresentationtoamoneyserviceproviderbyacustomerofacheque
payabletotheorderofthecustomer,inexchangeforcashofequivalentorlesseramount
(b)thepresentationtoamoneyserviceproviderbyacustomerofachequepayabletotheorderof
themoneyserviceprovider,inexchangeforcashofequivalentorlesseramountor
(c)thepresentationbyamoneyserviceprovidertoacustomerofachequepayabletotheorderof
thecustomer,tobeexchangedforcashofequivalentorlesseramountatacreditinstitutionoranyother
institutionwherethemoneyserviceprovidermaintainsacurrentaccounttheprovisionbyamoney
serviceprovidertoacustomerofareferencenumber,thepresentationofwhichnumberandpersonal
identificationatacreditinstitutionoranyotherinstitutionwherethemoneyserviceprovidermaintainsa
currentaccountentitlesthecustomertoreceivecashofapredeterminedamount
counterfeitmoneyincludes:
(a)afalsecoinorfalsepapermoneythatresemblesoristakenforacurrentcoinorcurrentpaper
money
(b)aforgedbanknoteorforgedblankbanknote,whethercompleteorincomplete
(c)agenuinecoinorgenuinepapermoneythatispreparedoralteredtoresembleorpass
foracurrentcoinorcurrentpapermoneyofahigherdenomination
(d)acurrentcoinfromwhichthemillingisremovedbyfilingorcuttingtheedgesandon
whichnewmillingismadetorestoreitsappearance
(e)acoincasedwithgold,silverornickel,thatisintendedtoresembleorpassfora
currentgold,silverornickelcoinand
(f)acoinorapieceofmetalormixedmetalsthatiswashedorcolouredbyanymeans
withawashormaterialcapableofproducingtheappearanceofgold,silverornickelandthat
isintendedtoresembleorpassforacurrentgold,silverornickelcoin
https://bosshq.net/resrarchandstatistics/bankofsouthsudanact2011/
10/59
10/02/2015
BANKOFSOUTHSUDANACT,2011|BankofSouthSudan
currencyexchangemeansreceiptofrevenuesfromtheexchangeofmoneyofonecountryformoney
ofanothercountry
debtsecuritymeansanybond,debenture,orfunctionallyequivalentinstrumentofindebtedness,and
anyinstrumentwhichgivestherighttoreceiveanotherdebtsecuritythroughsubscriptionorexchange
debtsecuritiesmayalsobeinbookentryform.Thetermdebtsecuritydoesnotincludepromissory
notes,billofexchange,orchequesasdefinedintheNegotiableInstrumentsLaw.
electronicmoneymeanselectronically(includingmagnetically)storedmonetaryvalueasrepresented
byaclaimontheissuerthatisissuedonreceiptoffundsforthepurposeofmakingpaymenttransactions
asdefinedinthisLaw,andacceptedbyanaturalorlegalpersonotherthantheelectronicmoneyissuer.
electronicmoneyinstitutionmeansanylegalentitythathasbeengrantedalicensebytheBankto
issueelectronicmoney.
electronicmoneyissuermeansanyentityauthorizedbylaworregulationoftheBanktoissue
electronicmoney.
foreigncurrencyorforeignexchangemeansthemoneyofacountryorintergovernmental
organizationotherthanSouthSudan.
foreignexchangedealermeansanypersonwhoengagesinthebusinessofbuyingandsellingforeign
currencies,forwardexchangecontracts,options,paymentinforeigncurrencies,swapsorotherderivative
contractsinvolvingaforeigncurrencytransaction.
GovernmentmeanstheGovernmentofSouthSudan
GovernormeanstheGovernoroftheBank
investmentfundmeansacompanythatinvestsinsecuritiesbyreceivingfundsfromthepublic
InternationalFinancialReportingStandardsmeansthemostrecentinternationalfinancialreporting
standardsissuedbytheInternationalAccountingStandardsBoard
loanmeansempoweringownershipofmoneyand/orthingprovidedthatisequivalentinvalue,quality
ordescriptions,topayortoberepaidtowhoevermaypasstheloanbytheexpirationoftheperiod
designedfortheloan
MinistermeanstheMinisterofFinanceandEconomicPlanning,unlessindicatedotherwise
moneymeansamediumofexchangethatisauthorizedandadoptedbySouthSudanoranother
country,orbyanintergovernmentalorganization
moneyservicemeansanyserviceconductedinrelationtomoneyincludingsafekeeping,money
transmission,chequecashing,orcurrencyexchange
moneyserviceprovidermeansanypersonwhoengagesinthebusinessofprovidingamoneyservice
moneytransmissionmeanssellingorissuingpaymentinstruments,storedvalue,orreceivingmoney
ormonetaryvaluefortransmissionthetermdoesnotincludetheprovisionsolelyofphysicaldelivery,
https://bosshq.net/resrarchandstatistics/bankofsouthsudanact2011/
11/59
10/02/2015
BANKOFSOUTHSUDANACT,2011|BankofSouthSudan
onlineortelecommunicationsservices,ornetworkaccess
negotiablewithrespecttoafinancialinstrumentmeansthatthetitletothatinstrumentmaybe
transferredbydeliveryoftheinstrumentorbysignedendorsementwrittenontheinstrumentorbyentry
inaregisterofownersofsuchinstrument
ordermeansanobligatorydirective,issuedbytheBanktooneormoreregulatedentitiesorother
personsinimplementationofthisAct
paymentinstrumentmeansacheque,draft,moneyorder,travellerscheque,orotherinstrumentfor
thetransmissionorpaymentofmoneyormonetaryvalue,whetherornotnegotiableacreditcard
voucher,letterofcredit,orinstrumentthatisredeemablebytheissueringoodsorservicesshallbean
exceptionfromthisrule
paymentsystemmeansanyprocedures,includingcommunicationnetworks,agreedbetweenthreeor
moremoneyserviceprovidersfortheprocessingofpayments,theclearingorsettlementofpayment
transactions,andfortheexchangeofpaymentsagainstotherpayments,financialobligationsor
securities,inanycurrency
paymenttransactionmeansanact,initiatedbythepayerorbythepayee,ofplacing,transferringor
withdrawingfunds,irrespectiveofanyunderlyingobligationsbetweenthepayerandthepayee.
personincludesanynaturalpersonorlegalentity
PresidentmeansthePresidentofSouthSudan
recordmeansinformationthatisinscribedonatangiblemediumorthatisstoredinanelectronicor
othermediumandisretrievableinperceivableform
regulatedentitymeansabank,foreignexchangedealer,moneyserviceprovider,electronicmoney
institution,paymentsystemoperator,andanyotherpersonsubjecttoregulationorsupervisionbythe
BankinaccordancewiththisActorotherrelevantlegislation
regulationmeansanobligatorydirectiveapplicabletooneormoreclassesofregulatedentities,other
legalentitiesand/orindividuals,havingtheforceoflaw,approvedbytheBoardtoimplementany
provisionofthisActorotherlegislationadministeredbytheBank
requiredcapitaloftheBankmeanstheamountreferredtoinsection33(1)below
securitymeansanegotiablefinancialinstrument(whetherintheformofacertificateorinbookentry
form)ofoneofthefollowingcategories:
(a)shares,orcertificatesorreceiptsinrespectofshares
(b)debtsecurities,whetherornotconvertibleintoshares
(c)derivatives
https://bosshq.net/resrarchandstatistics/bankofsouthsudanact2011/
12/59
10/02/2015
BANKOFSOUTHSUDANACT,2011|BankofSouthSudan
(d)sharesorparticipationunitsininvestmentfundsor,
(e)anyothernegotiablefinancialinstrumentdeclaredtobeasecuritybyregulationoftheBank
sharemeansanyshareofcapitalstockorotherequitysecurityissuedbyacorporation
Governmentagencymeansanyadministrativeorpoliticalsubdivision,agencyoranyenterprise
ownedorcontrolledbytheGovernmentofSouthSudanorbyanyGovernmentagency
storedvaluemeansmonetaryvaluethatisevidencedbyanelectronicrecord
unfitcurrencymeansbanknotesorcoinsthat,intheopinionoftheBank,are:
(a)mutilated,defaced,excessivelyagedordamaged
(b)inthecaseofbanknotes,illegible,misshapenorperforated,havebeensignificantlyalteredin
theirexternalappearance,includinginparticularbanknotesthathavebeenwrittenon,paintedon,
overprinted,stampedorperforated,ortowhichadhesivematterhasbeenapplied
(c)inthecaseofcoins,bent,mutilatedordefacedorthathavebeenreducedinweightotherwise
thanbyabrasionthroughordinaryuse
tothepointofbeingunrecognizableorunusableforpurposesofthisAct.
CHAPTERII
ESTABLISHMENTOFTHEBANK
5.Establishment
(1)ThereisherebyestablishedacentralbankforSouthSudan,tobeknownastheBankofSouth
Sudan.
https://bosshq.net/resrarchandstatistics/bankofsouthsudanact2011/
13/59
10/02/2015
BANKOFSOUTHSUDANACT,2011|BankofSouthSudan
(2)TheBankshallbeanautonomousbodycorporate,withperpetualsuccessionandacommonseal
andlogo,subjecttotheprovisionsofthisAct,becapableinitscorporatenameof:
(a)suingandbeingsued
(b)taking,purchasingorotherwiseacquiring,holding,changinganddisposingofproperty,
movableorimmovable
(c)borrowingandlendingmoney
(d)concludingrelevantcontracts
(e)issuingrelevantsecuritiesandotherwiseborrowand
(f)doingorperformingallsuchotherthingsoractsfortheproperperformanceofitsfunctionsunder
thisActthatmaylawfullybedoneorperformedbyabodycorporate
(3)TheBankshallhaveitsheadofficeinJuba.Itmayestablishoperationalunits,includingbranch
offices,representativeofficesandliaisonoffices,andmayappointagentsandcorrespondents,atsuch
locationsinSouthSudanorabroadandwithsuchfunctionsanddutiesastheBoardshalldetermine.
TheseoperationalunitsshallnothavelegalstatusorauthorityindependentfromtheBank.
(4)TheBankshallhaveasealconsistingoftheimageofthecoatofarmsofSouthSudanand
bearingthewordsTheBankofSouthSudan.
(5)Noactrelatingtotheinsolvency,bankruptcyorwindingupofanylegalentityotherthanthe
BankshallapplytotheBank.InnocaseshalltheaffairsoftheBankbewoundupexceptpursuanttoan
actoftheAssembly,withtheconsentofthePresident.
6.Objectives
(1)TheprimaryobjectiveoftheBankshallbetomaintainmonetaryanddomesticpricestability.
(2)TheotherobjectivesoftheBank,whichshallbesubordinatedtotheprimaryobjectiveofthe
Bank,shallbetofostertheliquidity,solvencyandeffectivefunctioningofastablemarketbased
financialsystem,andtopromoteasafe,soundandefficientnationalpaymentsystemwhichaimsto
maintainthestabilityofthefinancialsystemasawhole.
https://bosshq.net/resrarchandstatistics/bankofsouthsudanact2011/
14/59
10/02/2015
BANKOFSOUTHSUDANACT,2011|BankofSouthSudan
(3)Withoutprejudicetoitsprimaryobjectives,theBankshallsupportthegeneraleconomicpolicies
oftheGovernment,andpromotesustainableeconomicgrowth.
(4)BasicallytheBankshall:
(a)adoptandimplementpoliciesdesignedtomaintainmonetarystability
(b)determinethefeaturesofbanknotesandcoinsinconsultationwiththeMinisterandapprovalof
theCouncilofMinisters,andthetermsandconditionsofanycurrencyrecallinaccordancewiththisAct
(c)holdandmanagetheofficialforeignexchangereservesoftheState
(d)overseethedevelopmentandsoundfunctioningofthepaymentsystemsandsystemsfortransfers
ofsecuritiesissuedbytheGovernmentortheBank,andfortheclearingandsettlementofpayment
transactionsandtransactionsinsuchsecurities
(e)establishandenforceminimumbankreserverequirements
(f)actasBankerandadviserto,andasfiscalagentof,theGovernment,andtosuchpublicagencies
asmaybedeterminedbylaw,provided,however,thatanytransactioncarriedoutbytheBankthatmay
servetoextendfinancialassistancetoorforthebenefitoftheGovernmentoranysuchpublicagency,
maybeundertakenonlypursuanttosection65ofthisAct
(g)regulateandsupervisebanksandsuchotherregulatedentitiesasshallbesubmittedtoits
oversightinaccordancewithrelevantlegislation
(h)receivedepositsfrom,andmaintainaccountsonitsbooksfor,regulatedentities,unitsof
government,foreigncentralbanksandinternationalfinancialinstitutionsonsuchtermsandconditionsas
maybeprescribedbyaccountagreementorregulationoftheBank
(i)undertakeforeignexchangeoperationsattherequestoftheGovernmentandontheBanksown
behalf
(j)issuedebtsecuritiesinaccordancewithpoliciesapprovedbytheBoard
(k)collecteconomicandfinancialdatarelatedtoitsobjectivesandtasksunderthisAct
(l)openandmaintainonitsbooksaccountsfortheadministrationoffundsprovidedbyforeign
partiestotheGovernmentortoaGovernmentAgencyinaccordancewiththetermsandconditionsset
outintrustaccountagreements,providedthat:
(i)theassetsandliabilitiesofanysuchaccountshallbesegregatedfromtheotherassetsand
liabilitiesoftheBank
(ii)theassetsofeachsuchaccountshallbeavailableonlytomeetliabilitiesofthataccount
https://bosshq.net/resrarchandstatistics/bankofsouthsudanact2011/
15/59
10/02/2015
BANKOFSOUTHSUDANACT,2011|BankofSouthSudan
(iii)nootherassetsoftheBankshallbeavailabletomeetliabilitiesofsuchaccountand
(iv)theBankshallchargefeesfortheadministrationofsuchaccountstocoveritscostsand
(m)representSouthSudanininternationalaffairsinaccordancewiththisAct.
7.IndependenceoftheBank
(1)Whenexercisingthepowersandcarryingoutthetasksanddutiesconferreduponthembythis
Act,neithertheBanknoranymemberoftheBoard,orotherBankofficialsshallseekortakeinstructions
fromanyministry,publicinstitution,office,agency,orotherentityortheirmembersorofficials.
GovernmentofSouthSudanministries,publicinstitutions,agencies,offices,andotherentitiesoperating
inSouthSudan,theirmembersandofficialsmustnotimproperlyseektoinfluencetheBankorany
memberoftheBoardorotherBankofficialsintheperformanceoftheirtasks,orinterferewiththe
properexecutionofsuchtasks.
(2)MembersoftheBoard,andallofficials,employeesandagentsoftheBankshallhavethedutyto
promotethereputationoftheBankasacompletelyindependentcentralbankservingallpeopleofSouth
Sudanwithimpartiality,andshallrefrainfromanyactivitythatisincompatiblewiththatduty.
(3)WhileservingintheirpositionsintheBank,membersoftheBoardandtheInternalAuditorshall
notengageinpartisanpoliticalactivities.
8.LegalProtectionfortheBank,itsofficials,Employees
andAgents
NeithertheBank,noranymemberoftheBoard,official,employee,oragentoftheBank,shallbeliable
foranylossordamage:
(a)sufferedbytheBankunlessthatlossordamagewascausedbyhisorherowndefaultor
willfulact
(b)inanylegalproceedingsforanythingdoneingoodfaithunderthisAct.
https://bosshq.net/resrarchandstatistics/bankofsouthsudanact2011/
16/59
10/02/2015
BANKOFSOUTHSUDANACT,2011|BankofSouthSudan
9.TaxationProvisionsApplicabletotheBank
TheBankshallbeexemptedfromalltaxesandduties.
10.ProhibitedActivities
(1)ExceptasotherwisespecificallyauthorizedbythisAct,theBankshallnot:
(a)grantanyfinancialassistanceorguarantee,whetherintheformofadirectloanorgrantora
contingentcommitment,orbypurchasingaloan,loanparticipationoranotherinstrumentof
indebtedness,orthroughtheassumptionofadebtoracontingentliability,orinanyotherform
(b)engageincommercialactivity,orinanyotherbankingactivitydefinedassuchbytheapplicable
bankinglaw
(c)purchasethesharesofanycorporation,includingthesharesofanyfinancialinstitution,or
otherwisehaveanownershipinterestinanyfinancial,commercial,agricultural,industrial,orother
undertaking
(d)acceptanysharesascollateralsecurityor
(e)acquirebypurchase,lease,orotherwiseanyownershiprightsinortoimmovableproperty,
exceptasitshallconsidernecessaryorexpedientfortheprovisionofpremisesfortheconductofits
functionsundertheprovisionsofthisAct.
(2)Notwithstandingsubsection(1)above,theBankmayacquire,inthecourseofsatisfactionof
debtsduetoit,anyinterestsorrightsprovidedthatallsuchinterestsorrightssoacquiredcanbe
promptlydisposedof.
(3)Bywayofanexceptiontosubsection(1)above,theBankmayissueguaranteesonbehalfof
theGovernment,subjecttocreditworthinessstandardsandundertermsandconditionsdeterminedbythe
Bank.
11.AuthoritytoissueRegulationsandCirculars
https://bosshq.net/resrarchandstatistics/bankofsouthsudanact2011/
17/59
10/02/2015
BANKOFSOUTHSUDANACT,2011|BankofSouthSudan
(1)TheBankshallhavetheauthoritytoissueregulationsandcircularstoenableittofulfilits
responsibilitiesunderthisActandotherrelevantlegislation.
(2)TheBankshallpublishthetextofeachproposedregulation,togetherwithaconcisegeneral
statementoftheregulationsbasisandpurpose,atleast30daysbeforetheproposedeffectivedate
thereof.AnyinterestedpersonmaysubmitcommentsontheproposedregulationtotheBankwithina
timespecifiedbytheBank.
(3)Inpreparingthefinaltextofaregulation,theBankshalltakeintoconsiderationthecomments
madeinaccordancewithsubsection(2)above.Iftheregulationisissued,theBankshallpublishits
responsetosuchcomments.Ifthefinaltextoftheregulationdifferssignificantlyfromtheproposedtext
publishedundersubsection(1)abovetheBankshallalsopublishageneralexplanationforthedifference.
(4)Theprovisionsofsubsections(2)and(3)aboveshallnotapplytoaproposedregulationifthe
Bankdeterminesthatthedelayinvolvedincomplyingwiththeserequirementswouldbeaseriousthreat
totheinterestsofthebankingsystem.Suchadeterminationshallbeexplainedinthepreambletothe
Regulation.
(5)TheBankmayatanytimepublishcircularsnotinconsistentwiththisAct:
(a)indicatingthemannerinwhichitproposestoexerciseanyofitsfunctionsunderthisActorother
relevantlaws,orregulationsissuedhereunder
(b)explainingorclarifyinganyprovisionofthisAct,oranyotherrelevantlaworregulation,forthe
guidanceofregulatedentitiesincomplyingwiththerequirementsofsuchlaws
(c)indicatinghowtheBankexpectsregulatedentitiestoconducttheirbusinessinordertomeetthe
requirementsofthisActorotherrelevantlawsorregulationsor
(d)specifyingbusinesspracticesthatshouldnotbeengagedinbyregulatedentitiesbecause,inthe
judgmentoftheBank,suchbusinesspracticescouldbedetrimentaltothesoundnessorfinancialstability
ofsuchregulatedentities,orthefinancialsystemasawhole.
(6)IfaregulatedentityorotherpersonsubjecttothejurisdictionoftheBankengagesinbusiness
practicesinconsistentwiththeprovisionsofacircularissuedbytheBank,theBankmaydeemthe
regulatedentityorpersonnottobeincompliancewiththeprovisionsoftherelevantlaworregulation,
andmayexerciseanyoftheauthoritiesgivenunderrelevantlegislationwithrespecttosuchnon
compliance.
(7)TheBankshallmaintainapublicregisterofallregulationsandcircularsissuedpursuanttothis
https://bosshq.net/resrarchandstatistics/bankofsouthsudanact2011/
18/59
10/02/2015
BANKOFSOUTHSUDANACT,2011|BankofSouthSudan
Actandotherrelevantlaws.
13.InternationalCooperation
(1)TheBankshallrepresentSouthSudaninallintergovernmentalmeetings,councilsand
organizationsconcerningmonetarypolicy,regulationandsupervisionofbanksandotherpersons
subjectedbylawtoitsoversight,andtheothermattersthatarewithinitscompetence.
(2)TheBankmayprovidebankingservicesforthebenefitofforeigngovernments,foreigncentral
banksandmonetaryauthorities,andforthebenefitofinternationalorganizationsinwhichitorSouth
Sudanparticipates.
(3)TheBankmayobtainmembershipininternationalorganizationsthatpursuefinancialand
economicstability.
(4)TheBankmayundertakeresponsibilitiesandperformtransactionsconcerningtheparticipationof
SouthSudanininternationalorganizations.
(5)WithoutprejudicetothenationalinterestsofSouthSudan,theBankshall
closelycooperatewithanyforeignfinancialsupervisoryauthoritiesonthe
basisofreciprocitywithrespecttothesupervisionofregulatedentitiesthat
operateinboththeirrespectivejurisdictions.Suchcooperationmaybe
formalizedinanagreementbetweentheBankandtheforeignfinancial
supervisoryauthority,andmayincludeexchangewithsuchforeignfinancial
supervisoryauthorityofinformationconcerninganyregulatedentitythat
operatesinboththeirrespectivejurisdictions,providedthattheprincipleof
confidentialityiscompliedwith.
CHAPTERIII
ORGANIZATIONANDADMINISTRATION
https://bosshq.net/resrarchandstatistics/bankofsouthsudanact2011/
19/59
10/02/2015
BANKOFSOUTHSUDANACT,2011|BankofSouthSudan
14.Organization
TheBankshallhave:
(a)aBoardofDirectorsasitshighestpolicyanddecisionmakingbody
(b)aGovernor,twoDeputyGovernors,andthreeDirectorsGeneralchargedwithimplementing
policiesapprovedbytheBoardandwiththemanagementoftheBank
(c)anInternalAuditorresponsibleforassessingtheinternalcontrolsystemapprovedbytheBoard
andperformingtheinternalauditoftheoperationsoftheBankand
(d)aChiefFinancialOfficer
(e)aHeadofFinancialSupervisionand
(f)otherstaffassetforthinthisActorapprovedbypoliciesenactedbytheBoard.
15.CompositionoftheBoard
(1)TheBoardshallbecomposedofnine(9)votingmembers,asfollows:
(a)theGovernorasChairmanoftheBoard
(b)thetwoDeputyGovernors,whoshallbedesignatedbytheGovernoras1stDeputyand2nd
DeputyGovernorrespectivelyoftheBoard
(c)sixnonexecutivemembers,whoshallnotbeemployeesoftheBank.
(d)TheGovernorandDeputyGovernorsshallbeappointedbythePresident.
(e)TheBoardshallbeproposedbytheGovernorandappointedbythePresident.
(2).TheBoardmembersreferredtointhissubsectionshallbeeligibleforreappointment,unlessa
groundforremovalundersection19ofthisActwouldapplytothem.
(3)ThetermsoftheGovernorandDeputyGovernorsshallbefiveyears,exceptthatthetermofthe
firstappointedDeputyGovernorsshallbefouryearsandthreeyears,respectively,inordertoestablish
staggeredterms.
(4)ThetermsofthenonexecutivevotingmembersoftheBoardshallbe7years,exceptthatthefirst
https://bosshq.net/resrarchandstatistics/bankofsouthsudanact2011/
20/59
10/02/2015
BANKOFSOUTHSUDANACT,2011|BankofSouthSudan
3suchmembersshallbeappointedfor7,4,and2years,respectively,soastoensurethatallnon
executivememberstermsdonotexpiresimultaneously.
(5)Upontakingoffice,eachmemberoftheBoardshall,beforeassumingtheirduties,takethe
followingoathoraffirmationbeforetherelevantappointingauthority:
I.,doherebyswearbytheAlmightyGod/solemnlyaffirmthatasBoardMemberoftheBank,
Ishallbefaithful,andshalldiligentlyandhonestlydischargemyfunctionsanddutiesandshallstriveto
exercisethepowersvesteduponmebythisAct,withintegrityanddignityinthebestinterestofthe
peopleofSouthSudanandthatIshallrespectandabidebyalltherules,regulationsandinstructions
thereunderandthatIshallnotwithoutdueauthoritydiscloseormakeknownanyinformation,matter
orthingthatcomestomyknowledgebyreasonofmyemploymentintheAuthoritysohelpmeGod
16.FunctionsandPowersoftheBoard
(1)TheBoardshallbechargedwiththeadoptionoftheprincipalpoliciesoftheBankandthe
supervisionoftheadministrationandoperationsoftheBank.
(2)Incarryingoutitsfunctions,theBoardshallperiodicallyassessthemonetaryandeconomic
situationinSouthSudan,andshallrequiretheGovernorandotherseniorofficialsoftheBanktoprovide
reportstoenabletheBoardtomakesuchassessments.
(3)TheBoardshallhavethefollowingpowers:
(a)toadoptallapplicableregulationsandordersthataretobeissuedbytheBank,andtodetermine
theproceduresfortheissuanceofcircularsbytheBank,pursuanttothisActoranyotherapplicablelaw
(b)toapproveallreportsandrecommendationsthattheBankistomaketotheGovernmentorthe
Assembly
(c)todecideontheparticipationbytheBankininternationalorganizations
(d)inconsultationwiththeMinisterandtheapprovalofthePresident,todeterminethefacevalue
anddesignofbanknotesandcoins,andtheconditionsofanycurrencyrecall
(e)todecideondebtsecuritiesoftheBankandthetermsandconditionsofsuchsecurities
(f)todeterminethecategoriesofassetsthatshallbesuitableforinvestmentoftheforeignexchange
reservesandotherresourcesoftheBank
https://bosshq.net/resrarchandstatistics/bankofsouthsudanact2011/
21/59
10/02/2015
BANKOFSOUTHSUDANACT,2011|BankofSouthSudan
(g)todeterminethereservesthattheBankshallkeepfromtimetotimeinaccordancewiththe
provisionsofthisAct
(h)toadopttheoperationalpoliciesoftheBankandtheregulationsapplicabletotheadministration
andoperationsoftheBank
(i)todeterminetheorganizationoftheBank
(j)toappointtheInternalAuditoroftheBank
(k)toapprovetheappointmentoftheDirectorsGeneralandotherseniorprofessionalstaffmembers
oftheBank
(l)toapprovesubsequentserviceatanotherfinancialinstitutionbytheGovernor,DeputyGovernors,
andotherseniorprofessionalstaffmembersuponcompletionoftheirserviceintheBank,inaccordance
withsection31(2)ofthisAct
(m)toestablishandclosesubsidiaries,branchofficesandagenciesoftheBank
(n)todecideonthepurchase,construction,utilizationandsaleofbuildingsandotherpropertybythe
Bank
(o)toapprovethebudgetoftheBankandthetermsandconditionsofemployment,work,pensionsof
theemployees,andagentsoftheBankotherthanthemembersoftheBoard
(p)todeterminetheaccountingpoliciesoftheBank,providedtheseareconsistentwithInternational
FinancialReportingStandards,aswellastheinternalcontrolsandtheriskmanagementpoliciesofthe
Bank
(r)toadopttheannualreportsandfinancialstatementsoftheBank
(s)toestablishspecialreservesonthebooksoftheBank,toapprovethenetprofitandlossofthe
Bank,andtodecidewhatamountofanysuchnetprofitshallbetransferredtoanyreserveand
(t)toexercisesuchotherpowersasshallbegrantedtotheBoardbythisAct.
(4)TheBoardshallbeconsultedonanyproposalswithrespecttomattersthatrelatetoitsobjectives
orthatotherwisearewithinitsfieldsofcompetence,beforetheyaresubmittedtotheAssembly.
17.ConditionsforMembershipontheBoard
MembersoftheBoardshallfulfillthefollowingeligibilityrequirementsfortheappointment:
(a)beapersonofrecognizedintegrity
(b)haveadegreeofhighereducationorextensiveworkexperienceineconomics,banking,finance,
https://bosshq.net/resrarchandstatistics/bankofsouthsudanact2011/
22/59
10/02/2015
BANKOFSOUTHSUDANACT,2011|BankofSouthSudan
accountingorlaw
(c)notbesubjecttoanygroundsforremovalpursuanttoparagraphs(b)through(e)ofsubsection
19(1)
(d)notbeanemployeeoftheBankotherthantheexecutivemembersspecifiedbythisAct
(e)notbeashareholder,memberoftheboardofdirectors,ormemberofseniormanagement,orany
similarbody,ofanyregulatedentitysubjecttothesupervisionoftheBankbylaw
(f)notbeamemberoftheCouncilofMinistersoraMemberoftheNationalLegislatureand
(g)notbeanemployeeoftheGovernmentifthatemploymentrelationshipcouldcompromisehis
abilitytocarryouthisdutiesunderthisAct.
18.RemunerationofMembersoftheBoard
(1)RemunerationfornonexecutivemembersoftheBoardshallbedeterminedbytheGovernorin
consultationwiththeMinisterandapprovedbytheCouncilofMinisters.
(2)RemunerationoftheGovernor,theDeputyGovernors,andtheDirectorGeneralforSupervision,
Research,andStatisticsshallconsistoftheamountpaidtononexecutivemembersinsubsection(1)
above,plusanadditionalamountdeterminedbyaresolutionoftheBoard.Theexecutivemembersofthe
Boardshallnottakepartinthediscussionorvotingonthequestionoftheirremuneration.TheBoard
mayadoptadditionalproceduresdesignedtoavoidconflictsofinterestonthepartoftheexecutive
memberswhendeterminingtheremuneration.
(3)OncemembersoftheBoardhavebeenappointedorreappointedtoaterm,theircompensation
andotheremolumentsmaynotbereducedduringthetermofappointment.
(4)MembersoftheBoardmay,withapprovaloftheGovernor,bepaidasittingallowanceand
reasonabletravelexpenses.
19.RemovalofBoardMembers
(1)AmemberoftheBoardmayberemovedfromofficebythePresidentofSouthSudanonlyif:
https://bosshq.net/resrarchandstatistics/bankofsouthsudanact2011/
23/59
10/02/2015
BANKOFSOUTHSUDANACT,2011|BankofSouthSudan
(a)theconditionsofsection17ofthisActarenolongersatisfied
(b)hehasbeenconvictedofanoffenseforwhichhewasorcouldhavebeensentencedto
imprisonment,unlesssuchoffensewasmotivatedbyhisreligiousorpoliticalviewsoractivities
(c)hehasbeendeclaredbankruptorunabletopayhisdebtsbyacourtdecision
(d)duringtheimmediatelyprecedingfiveyears,hisactions,jobperformance,orbreachoffiduciary
dutyasamemberoftheboardofdirectors,seniormanagementorinanysimilarcapacity,contributedto
acompanybeingsubjecttobankruptcy,conservatorshiporreceivership,orequivalentlegalproceedings
(e)hehas,ongroundsofpersonalmisconduct,incompetence,orviolationsoflegalorregulatory
provisionsoranycodeofconduct,beenremovedorsuspendedfromduty,orsuspendedorprohibited
frompracticingaprofession,byacompetentauthority
(f)hehasbeenunabletoperformthefunctionsofhisofficeformorethansixmonthsbecauseofan
infirmityofbodyormind
(g)duringmembershipoftheBoardhasengagedinsignificantviolationsofanydutyimposedbythe
law,orhasengagedinpartisanpoliticalactivities,orhasengagedinseriousmisconductordemonstrated
grossincompetenceintheoffice,substantiallyprejudicingtheinterestsoftheBankor
(h)hehasbeenabsentwithoutgoodcausefromthreesuccessivemeetingsoftheBoard.
(2)Intheeventofthediscoveryofanyofthecircumstancessetforthinsubsection(1)above,the
GovernorshallnotifytheBoardandthePresidentinwritingandshallincludehisrecommendationasto
whetherthememberinquestionshouldberemovedfromtheBoard.Intheeventthatthecircumstances
pertaintotheGovernor,suchnotificationandrecommendationshallbemadebytheSeniorDeputy
Governor.IntheeventthatthecircumstancespertaintoboththeGovernorandtheSeniorDeputy
Governor,suchnotificationandrecommendationmaybemadebytheMinisterorbyanymemberofthe
Board.
(3)Theproceduresforthesubmissionofrecommendationsinaccordancewithsubsection(2)ofthis
sectionshallbedeterminedbytheBoardandshallgivetheaffectedmembertheopportunitytosubmit
representationsonthematter.
(4)ThedecisiononthequestionofremovalofaBoardmembershallliewiththe
President.
20.ResignationofBoardMembers
https://bosshq.net/resrarchandstatistics/bankofsouthsudanact2011/
24/59
10/02/2015
BANKOFSOUTHSUDANACT,2011|BankofSouthSudan
MembersoftheBoardmayresignfromtheirpositionsbywrittennoticetothePresidentofSouthSudan:
(a)inthecaseoftheGovernororDeputyGovernors,notlessthanthreemonthsinadvance
(b)inthecaseofanyothermemberoftheBoard,notlessthanonemonthinadvance,orsuchshorter
periodoftimeasthePresidentmaydeemnecessary.
21.VacanciesontheBoard
AnyvacancyontheBoardshallbefilledbytheappointmentofanewmemberoftheBoardin
accordancewithsection15ofthisActtoservetheremainingperiodofthetermofthemembertobe
replaced.
22.MeetingsoftheBoard
(1)TheGovernorshallpresideatallmeetingsoftheBoardandintheabsenceoftheGovernor,
theSeniorDeputyGovernorshallpreside.IntheabsenceofboththeSeniorDeputyGovernor,theother
DeputyGovernorshallpreside.
(2)TheBoardshallmeetforthedischargeofitsfunctionsasoftenasbusinessrequires,andinany
casetheBoardshallmeetatleastfourtimesinayearandtheGovernormayconveneameeting
whenevertwovotingmembersrequestforameeting.
(3)ThequorumatanymeetingoftheBoardshallbebyasimplemajorityofvotingmembers,
includingeithertheGovernororatleastoneoftheDeputyGovernorsorapersonpresidingatthe
meeting.
(4)AdecisiononaquestionproposedatanymeetingoftheBoardshallbedeterminedbyasimple
majorityofthevotesofthememberspresentandvotingandinthecaseofequalityofvotes,theperson
presidingshallhaveanadditionaltiebreakingvote.
(5)TheBoardmayinviteanynumberofpersonstoattendanyofitsmeetingsasconsultantor
adviser.
https://bosshq.net/resrarchandstatistics/bankofsouthsudanact2011/
25/59
10/02/2015
BANKOFSOUTHSUDANACT,2011|BankofSouthSudan
(6)NoactorproceedingsoftheBoardshallbeinvalidatedbyreasononlyoftheexistenceofa
vacancyamongthemembersoftheBoard.
(7)AllactsdonebyanypersoningoodfaithasamemberoftheBoardshallbevalid
notwithstandinganydefectinhisorherappointment.
(8)InallothermattersnotprovidedforunderthisAct,theBoardmaydetermineitsown
procedures.
23.Proceedings,Minutes,andDecisionsoftheBoard
(1)TheproceedingsofthemeetingsoftheBoardshallbeconfidential.TheBoardmaydeclareto
maketheoutcomeofallorpartofitsdeliberationspublic.
(2)ThereshallbeminutesofeachBoardmeetingsignedbythepersonpresidingatthemeeting,and
bytheSecretaryoftheBoard.MinutesshallbeapprovedbythefullBoard.Summariesofsuchminutes
shallbepublishedwithin1monthofsuchapproval.
(3)TheSecretaryoftheBoardshallbeappointedbytheGovernorfromamongtheseniorstaffofthe
BanktheSecretaryshallnotbeamemberoftheBoard.
(4)DecisionsoftheBoardshallberecordedandissuedtotherelevantbodiesoverthesignatureof
theChairmanpresidingattheBoardmeetingthatadoptedthedecision,andshallbepublishedwithout
delay.
24.AuditCommitteeoftheBoard
https://bosshq.net/resrarchandstatistics/bankofsouthsudanact2011/
26/59
10/02/2015
BANKOFSOUTHSUDANACT,2011|BankofSouthSudan
(1)TheBoardshallappointanAuditCommittee,whichshallconsistofthreenonexecutivevoting
membersoftheBoard.TheAuditCommitteeshallselectoneofitsmemberstoserveasChairpersonof
theAuditCommitteeinaccordancewiththeCharteroftheAuditCommitteeapprovedbytheBoard.
(2)TheAuditCommitteeshallassisttheBoardinfulfillingitsoversightresponsibilitiesformatters
relatingto:
(a)theintegrityoftheBanksfinancialstatements
(b)theBankscompliancewithlegalandregulatoryrequirements
(c)theannualexternalauditoftheBankand
(d)theperformanceoftheBanksInternalAuditDepartment.
(3)Toperformitsfunctionsundersubsection(2)above,theAuditCommitteeisauthorizedto:
(a)ReviewtheannualfinancialstatementsoftheBankbeforethestatementsareapprovedbythe
Board
(b)ReviewsuchotherfinancialreportsoftheBankastheBoardorAuditCommitteemaydeem
necessary
(c)Review,evaluate,andmakerecommendationsregardingtheapprovaloftheaccountingpolicies
andinternalcontrolsfortheBankbeforetheyareapprovedbytheBoard
(d)Overseetheimplementationandmaintenanceoftheaccountingpoliciesandinternalcontrolsof
theBank
(e)MeetwiththeInternalAuditorandGovernororDeputyGovernorstodiscusstheeffectivenessof
theinternalcontrolsoftheBank
(f)ReportitsfindingsregardingtheaccountingpoliciesandinternalcontrolstotheBoard,and
recommendanychangesitdeemsnecessary
(g)MakerecommendationstotheBoardregardingtheappointment,replacement,ordismissalofthe
InternalAuditorandmembersoftheseniorstaffoftheInternalAuditDepartment
(h)MakerecommendationstotheBoardconcerningtheappointmentoftheexternalauditfirmforthe
Bank
(I)meetwiththeexternalauditorandAuditorGeneraltodiscusstheannualauditoftheBank
(j)Authorizeinvestigationsintoanymatterswithinitsscopeofresponsibility
(k)Retainindependentcounsel,accountants,orotherstoadvisethecommitteeorassistinthe
conductofaninvestigationand,
(l)performothertasks,relatedorincidentaltotheabove,asdeterminedbytheBoard.
https://bosshq.net/resrarchandstatistics/bankofsouthsudanact2011/
27/59
10/02/2015
BANKOFSOUTHSUDANACT,2011|BankofSouthSudan
(4)TheAuditCommitteeshallmeetregularlyatleastfourtimesperyear,andmayconvene
additionalmeetingsascircumstancesrequire.Thesemeetingsmaybeinexecutiveoropensessionatthe
Committeesdiscretion.Meetingagendasshallbepreparedinadvanceandminutesshallbekept.
25.OtherCommittees
TheBoardmayestablishothercommitteestoassistitwithitsfunctionsunderthisAct.
26.PowersandDutiesoftheGovernor
(1)AllpowersthatarenotspecificallyreservedfortheBoardortheInternalAuditorshallbevested
intheGovernor.Withinthelimitationofhispowers,theGovernorshallhavetheauthoritytotakeall
actionsrequiredfortheadministrationandoperationsoftheBank.
(2)TheGovernor,withtheapprovaloftheBoard,maydelegatesomeorallofhispowerstoeither
oftheDeputyGovernorsorothereligibleemployeesoragentsoftheBank.TheBankshallmaintainan
uptodatelistofitsauthorizedsignatoriestogetherwithadescriptionoftheirauthorityandshallpublish
thelist.
(3)IftheGovernorisabsentorotherwiseunabletoact,theSeniorDeputyGovernorshallcarryout
thefunctionsoftheGovernorandexerciseallthepowersoftheGovernor.
(4)TheGovernorshallberesponsibletotheBoardfortheexecutionofdecisionsoftheBoardand
forthedirectionandcontroloftheadministrationandoperationsoftheBank.Tothatend,theGovernor
shallreporttotheBoard,notlessthanonceeverycalendarquarter,on:
(a)theadministrationandoperationsoftheBank
(b)theconductofitsmonetaryandregulatorypolicies
(c)thesoundnessofthefinancialsystemincludinginparticularthebankingandpaymentsystemsof
SouthSudan
(d)thestateofthemoney,capitalandforeignexchangemarketsand
https://bosshq.net/resrarchandstatistics/bankofsouthsudanact2011/
28/59
10/02/2015
BANKOFSOUTHSUDANACT,2011|BankofSouthSudan
(e)anyeventsorconditionsthat,intheopinionoftheGovernor,arelikelytohaveasignificant
effectontheadministrationoroperationsoftheBank,theconductofitspolicies,thefinancialsystemof
SouthSudan,orthebeforementionedmarkets.
(5)TheGovernorshallensurethattheBoardshalltimelyreceiveallsuchinformationastheBoard
shallrequireforthesupervisionoftheadministrationoroperationsoftheBank.
27.InternalAuditorandInternalAuditDepartment
(1)AnInternalAuditoroftheBankshallbeappointedforatermoffiveyearsbytheBoard,from
candidateswhoareprofessionallyqualifiedaccountants,andwhootherwisemeetthecriteriathatapply
tomembersoftheBoardsetforthinsection17above,exceptthattheInternalAuditorshallbeafull
timeemployeeoftheBank.TheInternalAuditorshallbeeligibleforreappointment.
(2)TheInternalAuditorshallheadtheInternalAuditDepartmentoftheBank.
(3)TheInternalAuditorshallreporttotheBoard,throughtheAuditCommittee.
(4)TheInternalAuditormayberemovedfromhispositionbytheBoardonthesamegrounds,and
throughthesameprocedures,setforthinsection19above,thatapplytomembersoftheBoard,except
that:
(a)arecommendationforsuchremovalmaybemadebyanymemberoftheBoardand
(b)thedecisiontoremovetheInternalAuditorshallbemadebymajorityvoteoftheBoardrather
thanbythePresident.
(5)TheseniorstaffoftheInternalAuditDepartmentshallbeappointedanddismissedbythe
InternalAuditorwiththeconsentoftheAuditCommittee,inaccordancewithpoliciesandprocedures
approvedbytheBoardwiththeadviceoftheAuditCommittee.OtherstaffmembersoftheInternal
AuditDepartmentshallbeappointedanddismissedinaccordancewithpoliciesapprovedbytheBoard.
(6)TheInternalAuditorandtheInternalAuditDepartmentshallhavetheduty:
(a)toadvisetheBoardontheeffectivenessoftheriskmanagementpoliciesapprovedbytheBoard
https://bosshq.net/resrarchandstatistics/bankofsouthsudanact2011/
29/59
10/02/2015
BANKOFSOUTHSUDANACT,2011|BankofSouthSudan
(b)toperformcontinuousaudits,inaccordancewithinternationalstandardsofinternalauditing,of
theadministrationandoperationsoftheBank,inordertoassisttheBoardwithsupervisingobservanceof
thelawsandregulationsthatapplytotheBank
(c)toaudit,andtosubmittotheBoard,throughtheAuditCommittee,reportsandrecommendations
ontheaccountsandRecordsaswellastheaccountingproceduresandinternalcontrolsandbudgetsof
theBank
(d)toformulateaCodeofConductfortheInternalAuditDepartmentstaff,makerecommendations
totheBoardregardingitsadoption,periodicreviewandanyappropriateamendments,andensureits
implementation
(e)tomonitortheproperimplementationofthedecisionsoftheBoard,theGovernorandDeputy
Governors
(f)topresenttotheBoardsuchreportsandstudiesastheBoardshallrequestforthesupervisionof
theadministrationoroperationsoftheBankand
(g)tocarryoutanyotherassignmentanddutygiventotheInternalAuditorbytheBoardortheAudit
Committee.
(7)TheInternalAuditororamemberoftheInternalAuditstaffdesignatedbytheInternalAuditor
shallhavetherightattendmeetingsoftheBoardandAuditCommittee.
28.PowersoftheInternalAuditDepartment
(1)Theemployeesoftheinternalauditunithavetherightto:
(a)examinealldocumentsoftheBank
(b)monitortheworkoftheBankateachstagewithoutrestrictionsand,
(c)requireexplanationsfromtheemployeesoftheBankconcerningdeficienciesanderrors
discoveredintheirwork,andtheeliminationofsuchdeficiencies.
(2)StaffoftheBankareobligedtoprovideemployeesoftheInternalAuditDepartmentwiththe
documentsandexplanationsreferredtheretointhissection.
29.ProfessionalStaff,otherEmployeesandAgents
https://bosshq.net/resrarchandstatistics/bankofsouthsudanact2011/
30/59
10/02/2015
BANKOFSOUTHSUDANACT,2011|BankofSouthSudan
(1)UnlessotherwiseprovidedbythisAct,theGovernor,inconsultationwiththeBoardandDeputy
Governors,shallappointanddismissmembersoftheseniorprofessionalstaffoftheBank.Senior
professionalstaffmembersshallinclude,ataminimum,thethreeDirectorsGeneralandtheofficials
denotedinsubsections(d)through(e)ofsection14above
(2)OtheremployeesoftheBankshallbeappointedanddismissedinaccordancewithpolicies
approvedbytheBoard.
(3)Nosalary,fee,wage,orotherremunerationorallowancepaidbytheBankshallbecomputedby
referencetonetprofitorotherrevenuesoftheBank.
(4)Allsalaries,fees,wages,orotherremunerationsorallowancespaidbytheBankshall,tothe
maximumextentpracticable,becomparabletoprevailingratesforsimilarworkdoneinthelocality
wheretheworkisdonebypersonshavingsimilarskillsandexperiencesasthosepersonswhoaretobe
paidbytheBank.
(5)TheBoardshalladoptpoliciestoregulatetheemployeesworkandemploymentconditionsat
theBank.
(6)TheBankmayengageagentstoperformtasksonbehalfoftheBank,anddeterminetheir
remuneration,inaccordancewithpoliciesapprovedbytheBoard.
(7)TheBankmay,inaccordancewithtermsandconditionsapprovedbytheBoard:
(a)establishstaffretirementfundsorsimilararrangementsforthebenefitorprotectionofits
employeesandtheirdependentsandnominees,andmakecontributionstowardsthecostsassociatedwith
sucharrangements
(b)establishacreditprogramforitsemployeesandmembersoftheirfamilies.
(8)TheHeadoftheLegalAdministrationattheBankshallbedeployedbytheMinisterofJustice,in
consultationwiththeBoardoftheBank.
30.LimitationsonCreditbyBankOfficialsandStaff
Members
https://bosshq.net/resrarchandstatistics/bankofsouthsudanact2011/
31/59
10/02/2015
BANKOFSOUTHSUDANACT,2011|BankofSouthSudan
DuringtheiremploymentbytheBank,theofficialsandstaffoftheBankshallnotreceivecreditfrom
anybankorotherregulatedentitysubjecttotheoversightoftheBank,exceptinaccordancewithpolicies
approvedbytheBoard.
31.ConflictsofInterest
(1)TheGovernor,theDeputyGovernors,theInternalAuditor,andseniorprofessionalstaffofthe
BankshalldevotethewholeoftheirprofessionalservicestotheBank,andnoneofthemshalloccupy
anyotherofficeoremployment,whetherremuneratedornot,exceptasnomineeoragentoftheBank,or
inaneducationalcapacity,inaccordancewithpoliciesapprovedbytheBoard.
(2)NoformerGovernor,DeputyGovernor,InternalAuditor,orothermemberofthesenior
professionalstaffoftheBankshallserveinanycapacityataregulatedentityduringaperiodofoneyear
followingtheirdeparturefromtheBank,withoutthepriorwrittenapprovaloftheBoard.
(3)NomemberofthestaffoftheBankshallsimultaneouslyhaveotheremployment,whether
gainfulornot,exceptinaccordancewithpoliciesapprovedbytheBoard.
(4)NoGovernor,DeputyGovernor,officerormemberofthestaffoftheBankshallacceptanygift
orcreditforhimself,oronbehalfofanypersonwithwhomhehasfamily,businessorfinancial
connections,iftheacceptancethereofwouldresult,indiminishinghisimpartialdevotiontohisduties.
(5)MembersoftheBoard,theGovernor,DeputyGovernors,InternalAuditorandanyseniorofficials
oftheBankshall,uponassumptionoftheirofficesandannuallythereafter,makeconfidentialdeclaration
oftheirassets,liabilitiesandbusinessandfinancialinterestsincludingthoseoftheirspousesand
children.
(6)TheBoardshalladoptmorespecificpoliciesgoverningconflictsofinterestrelatingtothe
officialsandstaffoftheBank.
32.Secrecy
(1)Anyinformationfromwhichanindividualorbodymaybeidentifiedandthatisacquiredby
https://bosshq.net/resrarchandstatistics/bankofsouthsudanact2011/
32/59
10/02/2015
BANKOFSOUTHSUDANACT,2011|BankofSouthSudan
theBoardinthecourseoftheperformanceofitsfunctionsortheexerciseofitspowersunderthisActor
anyotherapplicablelawshallberegardedasconfidentialbytheBoardanditsemployees.
(2)Noinformationofthetypereferredhereundertheprovisionsofsubsection(1)above,maybe
disclosedwithouttheconsentofthepersonandorbodydulyauthorizedandordelegatedbytheBoard
thereof,excepttotheextentthatitsdisclosureisexpresslyauthorizedorrequiredbyorunderthisActor
anyotherapplicablelaworwhereitappearstotheBoardtobenecessary:
(a)toenabletheBoardtoperformanyofitsfunctionsandexerciseanyofitspowersunder
thisActoranyotherapplicableact
(b)intheinterestsoftheinvestigation,detection,preventionorprosecutionofcrime
(c)inconnectionwiththedischargeofanyinternationalobligationtowhichSouthSudan
mayfromtimetotimebesubject
(d)toassist,inthepublicinterest,anyauthoritythatappearstotheBoardtoexercise,ina
placeoutsideSouthSudan,functionscorrespondingtosomeorallofthoseoftheBoardwithinor
outsideSouthSudanor
(e)tocomplywiththedirectionsofanydivisionofanyCourt.
(3)Withoutprejudicetotheprovisionofsubsections(1)and(2)above,anyinformation
communicatedtotheBoardbyacommitteeoftheGovernmentshallberegardedasconfidentialifthat
committeeoftheGovernmentsorequests,andshallbekeptconfidentialbytheBoardanditsmembers
andemployeesandnosuchinformationshallbedisclosedexceptincompliancewiththedirectionof
anydivisionofanycourt.
(4)Apersonshallnot,foraperiodofoneyearafterheceasestobeamemberoftheBoard,
acquire,holdormaintain,directlyorindirectly,anyoffice,employment,consultancyarrangementor
businessinSouthSudanwherehemaybeliabletouseordiscloseinformationacquiredbyhiminthe
exercise,performanceanddischargeofthepowers,dutiesandfunctionsoftheBoard,andifheacquires
anysuchinterestsinvoluntarilyorbywayofsuccessionortestamentarydisposition,heshalldivest
himselforherselfofsuchinterest,withintwomonthsoftheacquisitionofsuchinterest.
(5)Whoeverdisclosesinformationorcausesorpermitsthedisclosureofinformationina
mannerwhichheknowsorhasreasonablecausetobelieveisincontraventionoftheprovisionsof
subsections2and4aboveshallbeguiltyofanoffenceanduponconvictionshallbesentencedto
imprisonmentforaperiodnotexceedingsixmonthsorafinenotexceedingTenThousandSouth
Sudanesepounds,orboth.
CHAPTERIV
https://bosshq.net/resrarchandstatistics/bankofsouthsudanact2011/
33/59
10/02/2015
BANKOFSOUTHSUDANACT,2011|BankofSouthSudan
FINANCIALAFFAIRS
33.Capital
(1)TherequiredcapitaloftheBankshallbe15millionSouthSudanesepounds,whichshallbe
whollyprovidedbythe[Government/State],orsuchhigheramountasshallresultfromallocationsfrom
netprofitspursuanttosection36below.
(2)TheentireinitialrequiredcapitaloftheBankshallbefullypaidupincashorcashequivalents
withintwoweeksfromthedateonwhichthisActentersintoforce.Themethodofpaymentoftheinitial
requiredcapitalshallbedeterminedbytheMinister.
(3)TheBankanditscapitalshallbeownedbytheState,andsuchcapitalshallnotbesubjecttolien
ortoencumbrance.
34.ReservesoftheBank
(1)TheBankshallestablishaGeneralReserveforthepurposeofcoveringpossiblelossesthathave
notbeenspecificallyidentified.TheGeneralReserveshallbeusedonlytocoveracapitaldeficiency.
(2)TheBankmayestablishadditionalreservesforspecificpurposesbyunanimousdecisionof
theBoard.
35.CalculationofnetProfitornetLossoftheBank
Foreachfinancialyear,thenetprofitorthenetlossoftheBankshallbecalculatedinaccordancewith
InternationalFinancialReportingStandardsasthesumofnetoperatingrevenuesorlosses(including
realizedgainsandlosses)andnetunrealizedvaluationgainsorlosses,andaftermakingprovision:
(a)forbadanddoubtfuldebts,depreciationofassets,andcontributionstothestaffretirement
https://bosshq.net/resrarchandstatistics/bankofsouthsudanact2011/
34/59
10/02/2015
BANKOFSOUTHSUDANACT,2011|BankofSouthSudan
fundand
(b)subjecttotheapprovaloftheMinister,forsuchotherpurposesastheBankmaydeemnecessary.
36.AllocationofNetProfit
(1)IftheBankhasanetprofitforanyfinancialyear,thenetprofitshallbeallocatedandusedinthe
followingorderofpriority:
(a)tothecapitalaccountoftheBankinsuchamountasshallberequiredtoincreasethecapital
oftheBanktoalevelequivalenttofivepercentoftheaggregateamountofmonetaryliabilitiesshownon
thebalancesheetoftheBankfortheendofthatfinancialyear
(b)anallocationfromnetprofitshallbemadetoredeemsecuritiesissuedbytheStatepursuant
tosection38ofthisActandheldbytheBank
(c)intheeventthereisremainingnetprofitaftertheallocationsreferredtoinparagraphs(a)
and(b)above:
(i)50%shallbeallocatedtotheGeneralReservemaintainedbytheBankinsuchamountasshallbe
requiredtoincreasetheamountoftheGeneralReservetoalevelequivalenttotheamountoftherequired
capitaloftheBank
(ii)theremaining50%shallbeallocatedfirsttoanyotherreserveforspecificpurposesestablished
byunanimousdecisionoftheBoardoftheBankinaccordancewithsubsection34(2)
(iii)anyresidualnetprofitaftertheallocationreferredtoinsubparagraph(ii)aboveshallbe
transferredtotheGovernmentwithinfourmonthsaftertheendofthefinancialyear,andresidualnet
unrealizedvaluationgainsifanyshallbeallocatedtoaValuationReserveAccountmaintainedonthe
balancesheetoftheBank.
(2)Theallocationsfromnetprofitreferredtoinparagraphs(a)through(c)ofsubsection(1)above
shallbedeemedtohavebeenmadeentirelyfromnetoperatingrevenues.Ifnooperatingrevenuesare
includedinnetprofit,oraftersuchallocationshaveexhaustednetoperatingrevenuesincludedinnet
profit,suchallocationsshallbecalculatedasifmadefromnetunrealizedvaluationgains.
(3)ForthepurposesofthisAct,theaggregateamountofthemonetaryliabilitiesoftheBankshallbe
thesumof:
(a)alloutstandingbanknotes,coinsanddebtsecuritiesissuedbytheBankand
(b)thecreditbalancesofallaccountsmaintainedonthebooksoftheBankbyaccountholders.
https://bosshq.net/resrarchandstatistics/bankofsouthsudanact2011/
35/59
10/02/2015
BANKOFSOUTHSUDANACT,2011|BankofSouthSudan
37.AllocationofNetLoss
IftheBankincursanetlossforanyfinancialyear,thenetlossshallbeallocatedasfollows:
(a)ifthenetlossiscomposedofnetoperatinglossesandnetunrealizedvaluationlosses,theamount
ofnetoperatinglossesshallbechargedtotheGeneralReserveortocapitalinthatorder,andtheamount
ofnetunrealizedvaluationlossesshallbeallocatedtotheValuationReserveAccountor,totheextent
thatthebalanceoftheValuationReserveAccountwouldbenegativeasaresultofsuchallocation,tothe
GeneralReserveortocapitalinthatorder
(b)ifthenetlossisthesumofnetoperatingrevenuesandgreaternetunrealizedvaluationlosses,the
netlossshallbeallocatedtotheValuationReserveAccountor,totheextentthatthebalanceofthe
ValuationReserveAccountwouldbenegativeasaresultofsuchallocation,totheGeneralReserveorto
capitalinthatorderor,
(c)ifthenetlossisthesumofanetoperatinglossandsmallernetunrealizedvaluationgains,the
lossshallbechargedtotheGeneralReserveortocapitalinthatorder.
38.CoverageofShortfallsinCapital
Whenever,ononeofitsmonthlyproformabalancesheetspreparedpursuanttosection76(3)below,the
valueoftheBanksassetsfallsbelowthesumofitsliabilitiesandrequiredcapital,theMinistershall,
withintwomonthsaftersubmissionofthenotificationtothePresidentandAssemblyasrequiredby
section76(4)below,provideSouthSudanesepoundsordebtsecuritiesissuedbytheGovernmentata
marketrateofinterestinsuchamountoramountsasshallbenecessarytoremedythisdeficit.
CHAPTERV
MONETARYUNIT,BANKNOTESAND
CURRENCY
39.MonetaryUnit
ThecurrencyofSouthSudananditsmonetaryunitistheSouthSudanesepound,thesymbolofwhich
shallbeSSP.TheSouthSudanesepoundshallbeissuedandputintocirculationbytheBank.
https://bosshq.net/resrarchandstatistics/bankofsouthsudanact2011/
36/59
10/02/2015
BANKOFSOUTHSUDANACT,2011|BankofSouthSudan
40.IssueofBanknotesandCoins
(1)TheBankshallhavetheexclusiverighttoissuebanknotesandcoinsintendedforcirculationin
SouthSudan.Nootherpersonshallissuecurrencynotes,banknotesorcoins,oranydocumentsthatare,
intheopinionoftheBank,likelytopassaslegaltender.
(2)BanknotesandcoinsissuedunderthissectionshallbeafirstchargeontheassetsoftheBank.
(3)BanknotesandcoinsissuedbytheBankandintendedforcirculationinSouthSudanarenot
promissorynotes,billsofexchange,oranyothertypeofcommercialdocumentsunderthelegislationof
SouthSudan,andtheBankisobligatedonandwithrespecttothemonlyasprovidedbythisChapter.
(4)AnyreferenceinthisActtobanknotesorcoinsistobanknotesorcoinsintendedforcirculation
inSouthSudan,issuedortobeissuedpursuanttothisChapterbytheBank.
41.FunctionsoftheBankRegardingCurrency
(1)TheBankshalldirectlyadministerthecurrencyreserveinventoryandensureanadequatesupply
ofbanknotesandcoinsasneededtomeetthecurrencyrequirementsoftheeconomyofSouthSudan.To
thisend,theBankshall:
(a)arrangefortheprintingofnotesandthemintingofcoinsandsecurekeepingandsafetyofthe
same
(b)issuebanknotesandcoinsinitsofficesandsuchagenciesastheBankmayfromtimetotime
establishorappointitmayreissueorreplacethesameatsuchplaces
(c)arrangeforcancellationanddestructionofnotes,orthecutting,breakingordestructionofcoins
withdrawnfromcirculationaccordingtosection45beloworfoundbytheBanktobeunfitforuse.
(2)ThereshallvestintheBankanyforeignexchangeconfiscatedinSouthSudanorwhichisthe
subjectmatterofjudicialdecisionorsettlementsubjecttothelawsinforce.
https://bosshq.net/resrarchandstatistics/bankofsouthsudanact2011/
37/59
10/02/2015
BANKOFSOUTHSUDANACT,2011|BankofSouthSudan
(3)Creation,possession,ordistributionofcounterfeitmoneyshallbepunishableassetbyapplicable
law.FacilitiesforidentificationofcounterfeitmoneyshallbeprovidedbytheBank.Procedures
governingsubmissionforanalysisandpossiblesubsequentreferraltotheauthoritiesforcriminal
prosecutionshallbepursuanttoaregulationoftheBank.
42.CurrencyFeatures
TheBank,inconsultationwiththeMinisterandwiththeapprovaloftheCouncilofMinistersshall
determinethedenomination,measures,form,material,content,weights,designs,andotherfeaturesof
banknotesandcoins.BanknotesshallbearthesignatureoftheGovernoroftheBankandtheMinister.
43.UnfitCurrency
(1)Unfitcurrencyshallbedemonetized.Subjecttosubsection(2)below,theBankshallwithdraw,
destroy,andreplaceanyunfitcurrencypresentedtoitwithcurrencyofanequivalentamount.
(2)TheBankmaydeclinetoreplaceanyunfitcurrency.Suchcurrencyshallbewithdrawnand
destroyedwithoutindemnitytotheowner,exceptthat,inspecialcases,theBankmaygrant
compensationinwholeorinpart.
(3)NopersonshallbeentitledtorecoverfromtheBankthevalueofanylost,stolen,orunfit
currencyexceptpursuanttoaregulationoftheBank.Thecircumstanceinwhich,andtheconditionsand
limitationssubjecttowhich,thevalueofunfitcurrencymayberefundedshallbewithintheabsolute
discretionoftheBank,andsetforthinaregulationoftheBank.
(4)TheBankmayconfiscatewithoutcompensationanyunfitcurrency.
(5)EveryofficeremployedinthecollectionofrevenueinSouthSudanshallforwardtotheBank
anycurrencypaidtotheofficerthathesuspectsofbeingunfitorcounterfeit.
https://bosshq.net/resrarchandstatistics/bankofsouthsudanact2011/
38/59
10/02/2015
BANKOFSOUTHSUDANACT,2011|BankofSouthSudan
44.AccountingTreatmentofCurrencyIssued
CirculatingbanknotesandcoinsshallbetreatedintheaccountsoftheBankasaliabilityoftheBank
suchliabilityshallnotincludebanknotesandcoinsinthevaultsoftheBank.
45.CurrencyRecall
(1)TheBankmaydecidetocallinandwithdrawfromcirculationbanknotesorcoins,byissuingin
exchangethereforeotherbanknotesorcoinsinequivalentamounts.Theprocedureforsuchrecallshall
bedeterminedbytheBankandshall:
(a)specifythelocation,dateandhoursduringwhichthebanknotesorcoinsmustbepresentedfor
exchange
(b)provideforthedeterminationandtreatmentofanycounterfeitmoneypresentedforexchange
(c)ifdeemedappropriatebytheBank,setrequirementsandconditionsastoproperidentificationof
personspresentingbanknotesorcoinsforexchangeandfordocumentationofexchangetransactionsand
(d)provideforallothermattersrelatingtotheexchangeproceduredeemedappropriatebytheBank.
(3)Attheendoftheexchangeperiodreferredtoinsubsection(1)above,oratanyothertimespecified
bytheprocedure,banknotesandcoinscalledinforexchangeshallbedemonetizedandceasetobelegal
tender.Anynewbanknotesorcoinsissuedinconnectionwithacurrencyrecallasprovidedinthis
sectionshallbefullyredeemableinthesamemanner,andtothesameextent,aswerethebanknotesor
coinssubjecttotherecall.
CHAPTERVI
LEGALTENDER
46.SouthSudanesePoundasLegalTender
Atenderofpaymentofmoneyisalegaltenderifmadeinbanknotesorcoins.Banknotesandcoinsshall
https://bosshq.net/resrarchandstatistics/bankofsouthsudanact2011/
39/59
10/02/2015
BANKOFSOUTHSUDANACT,2011|BankofSouthSudan
beaccepted,fortheamountoftheirdenominationinthecurrencyofSouthSudan,inpaymentofall
publicandprivatedebtsinSouthSudan.
47.PublicAccountsandCompulsoryPayments
(1)Allpublicbudgets,financialRecordsandaccounts,requiredbyanylawof,andestablishedor
maintainedinSouthSudan,shallbeorbeassessedinSouthSudanesepounds.Paymentofmoneywhen
requiredinanyindictmentorotherlegalproceedingsotherthanfortheenforcementofaforeign
currencyobligationshallbestatedinSouthSudanesepounds.
(2)CompulsorypaymentsshallbeassessedandrequiredtobepaidinSouthSudanesepounds.
Compulsorypaymentmeansanypaymentmadetoorbyapublicauthorityotherthanunderacontract
oranyothervoluntarytransaction.Itincludesthepaymentoftaxes(eitherdirectorindirect),custom
dues,excise,levies,fees,chargesandpenalties,aswellasanypaymenttopublicutilities,payment
accordingtoacourtorder,orpaymentprescribedbylaw.
48.SumsMentionedinLaws,Valuation,andConversion
(1)Anysummentionedinlegislation,includinglegislationpassedbytheformerGovernmentof
SouthSudan,unlessitisotherwiseexpressed,shallbeconstruedasbeinginSouthSudanesepounds.
(2)Whereanylaworanyconvention,contractoragreementtowhichSouthSudanisapartydoes
notprovideforthemannerofconversiontothecurrencyofSouthSudan,theBankmaymakeregulations
specifying,orspecifyingthemeansormethodofascertaining,determiningorcalculating,theequivalent
SouthSudanesepoundvalueofthatforeigncurrency.
(3)Forthepurposesoftheadministration,applicationandoperationofthelawsrelatingtothe
customs,taxobligations,oranyotherpayments,theBankmayinaccordancewithregulations,specifyor
specifythemeansormethodofdeterminingorcalculating,theequivalentSouthSudanesepoundvalue
ofcurrenciesofcountriesotherthanSouthSudanforadayoranylongerperiodorgenerally.
(4)Incaseofadecisionwithregardtocurrencyredenominationinaccordancewiththislaw,all
Records,accounts,obligations,debts,pricequotations,andreferencesinotherlegislation,willreadtobe
redenominatedaccordingtotheexchangerateoftheredenomination.
https://bosshq.net/resrarchandstatistics/bankofsouthsudanact2011/
40/59
10/02/2015
BANKOFSOUTHSUDANACT,2011|BankofSouthSudan
49.DesignationofPricesforGoodsandServices
PricesforallgoodsandservicesinSouthSudanshallbe
denominatedinSouthSudanesepounds.
50.FreedomofCurrency
(1)Notwithstandingsection49above:
(a)whereallpartiestoaprivatecontractoranyothervoluntaryprivatetransaction,including
partiestoabill,note,instrumentorsecurityformoney,areresidentsofSouthSudan,thepayment
obligationrelativetosuchcontractortransactionshallbedenominatedinSouthSudanesepounds
(b)whereoneofthepartiestoaprivatecontractortransactionreferencedinsubsection1(a)
aboveisanonresidentofSouthSudan,thepartiesmaydenominatethepaymentobligationinany
currencyagreedupon.
(2)Anagreementofthepartiesundersubsection1(b)abovemaybeexpressorimpliedfrom
surroundingcircumstancesincludingcourseofdealing,usageoftrade,orcourseofperformance.
(3)Ifthereisnocontraryagreementbythepartiesassetforthinsubsections(1)or(2)above,every
contract,sale,payment,bill,note,instrumentandsecurityformoney,andeverytransaction,dealing,
matterandthingrelatingtomoneyorinvolvingthepaymentofortheliabilitytopaymoney,shallbe
deemedtobemade,executed,enteredinto,doneorcarriedoutinSouthSudanesepounds.
51.EnforcementofForeignCurrencyPayment
Obligations
Aforeigncurrencyobligationmaybeenforcedaccordingtoitsterms.Inanyjudicialproceedingto
enforceanysuchobligation:
(a)wheresuchobligationprovidesforamannerofconversiontoSouthSudanesepounds,the
courtshallgiveeffecttothemannerofconversioninsuchobligation
(b)thecourtmayrequirepaymentofanamountinSouthSudanesepoundssufficientto
purchasetheamountoftheobligationinsuchforeigncurrency
(c)theamountreferencedinparagraph(b)shallbecalculatedbyabankinSouthSudanatthe
https://bosshq.net/resrarchandstatistics/bankofsouthsudanact2011/
41/59
10/02/2015
BANKOFSOUTHSUDANACT,2011|BankofSouthSudan
closeofbusinessonbusinessdaypriortothedaypaymentoftheobligationistobereceivedbythe
creditor
(d)ifthecourtissatisfiedthatconversionasreferencedinparagraphs(b)and(c)abovewould
beinequitabletobothparties,itmayrequirepaymentofanamountinSouthSudanesepoundssufficient
topurchasetheamountofthe
obligationintheforeigncurrencyatabankinSouthSudanonsuchotherdayasthecourt
considersequitableinthecircumstances
(e)intheeventparagraph(d)isapplicable,thecourtshallordertheconversiontobemadeat
suchrateastomakethecreditorwholeandavoidrewardingadebtorwhohasdelayedincarryingoutthe
obligation.
CHAPTERVII
MONETARYFUNCTIONSAND
OPERATIONS
1. 52.MonetaryandExchangeRatePolicy
TheBankshallberesponsiblefortheformulation,adoptionandexecutionofthemonetaryandexchange
ratepoliciesofSouthSudan,whichshallaimtopreservethevalueoftheSouthSudanesepoundas
determinedinaccordancewithsection53below.
53.ExternalValueoftheSouthSudanesePound
(1)TheBankshalldeterminebyregulationtheexchangeratesatwhichitshallpurchaseandsell
SouthSudanesepounds.
(2)Iftheinternationalreservesmentionedinsection61belowhavedeclinedor,areindangerof
decliningtosuchanextentastojeopardizetheexecutionofthemonetaryorexchangeratepoliciesof
https://bosshq.net/resrarchandstatistics/bankofsouthsudanact2011/
42/59
10/02/2015
BANKOFSOUTHSUDANACT,2011|BankofSouthSudan
SouthSudanorthepromptsettlementofthecountrysinternationaltransactions,theBankshallconsult
withtheMinisterandmayadjusttheexchangeratereferencedinsubsection(1)ofthissectioninlightof
existingandexpectedconditionsintheforeignexchangemarket.
54.OvernightAdvances
(1)TheBankmay,onthetermsandconditionsestablishedbyregulation,granttoanybankthat
holdsanaccountattheBank,overnightadvancesinSouthSudanesepoundsthataresecuredbyanyof
thefollowingassets:
(a)internationalreserveassetsasspecifiedinSection61ofthisAct
(b)debtsecuritiesissuedbytheBankortheGovernmentofSouthSudan
(c)depositsofthatbankwiththeBankor
(d)warehousereceiptsandotherdocumentsoftitleissuedinrespectofstaplecommoditiesor
othergoodsdulyinsuredagainstriskoflossordamage.
(2)Overnightadvancesmayberenewedforupto15daysandshallcarryanappropriatemarketrate
ofinterest.
(3)Ifanadvancemadeunderthissectionisnotrepaidattherequiredtime:
(a)untilthesituationisrectified:
(i)theBankshallmakenofurtheradvancestosuchbankunderthissection
(ii)thebankshallnotbepermittedtoparticipateintheclearingandsettlementsystemand
(b)theBankmaytakeanycorrectiveactionauthorizedbytheBanking
Actasitdeemsappropriate.
(4)AdvancesgrantedbytheBankunderthissectionshallbemadeonlyattheheadofficesofsuch
banksinSouthSudan.
55.IssuanceofDebtSecurities
Forthepurposeofconductingmonetarypolicyoperations,theBankmay,undertermsandconditions
https://bosshq.net/resrarchandstatistics/bankofsouthsudanact2011/
43/59
10/02/2015
BANKOFSOUTHSUDANACT,2011|BankofSouthSudan
determinedbyregulation:
(a)issueinitsownnamedebtsecuritieshavingamaturityofnolongerthan12months
(b)purchase,sellandredeemdebtsecuritiesissuedbytheBankpursuanttosubsection(a).
56.RequiredReservesofBanks
(1)TheBankmayrequirethatbanksshallmaintaindepositsinSouthSudanesepoundswiththe
Bankandcashintheirvaultsatprescribedminimumlevelsthatrelatetothesize,typeormaturityof
theirdeposits,borrowedfundsandsuchotherliabilitiesastheBankmaydeterminebyregulation
(requiredreserves).Requiredreserveratiosshallbeapplieduniformlytoreserveliabilitiesandtoall
banks.
(2)TheBankmayfromtimetotimeprescribebyregulationtherequiredreservesthatshallbe
maintainedbywayofcashholdingsandmoneydepositswiththeBank,whichshallbecalculatedasthe
averagedailyreservesoverthestipulatedholdingperiods.RequiredreservesmaintainedwiththeBank
shallberemuneratedataratedecidedbytheBank.
(3)Regulationsmentionedinsubsection(2)above,bywhichrequiredreservesareestablishedor
modified,shallspecifythedatebywhichbanksshallcomplywiththenewrequirementsorreserveratios.
(4)TheBankmayimposeonandcollectfromanybankthatfailstomaintainrequiredreservesatthe
minimumlevelsprescribedinaccordancewithsubsection(2)above,alevyontheshortfallinsuch
banksrequiredreserves,untiltheshortfalliscorrected.SuchlevyshallbesetbyregulationoftheBank.
(5)Ifabankfailstofulfilitsrequiredreservesfortwoconsecutiveperiods,theBankshallceaseto
processwithdrawaltransactionsforthebank,andshallrequirethebanktotakemeasurestocorrectthe
shortfallwithinoneweek.Ifthefailuretofulfilthereserverequirementcontinuesforanotherweek,the
Bankmaytakeanyremedialactionauthorizedbyrelevantlegislationrelativetothebank.
57.PublicationofInformationRelatingtoCurrency
https://bosshq.net/resrarchandstatistics/bankofsouthsudanact2011/
44/59
10/02/2015
BANKOFSOUTHSUDANACT,2011|BankofSouthSudan
EachmonththeBankshallpublishmonthlyinformationconcerningthetotalamountofSouthSudanese
poundsincirculationandtheofficialforeignexchangereservesoftheBank,withabreakdownofthe
holdingsofothercurrencies.
CHAPTERVIII
FOREIGNEXCHANGEOPERATIONS
58.GeneralPolicy
(1)SouthSudanesepoundsshallbefreelyconvertibleintoforeigncurrencythroughoutSouthSudan
inallvoluntarytransactionsundertakenbetweenprivateparties.
(3)NorestrictionsshallbeimposedbytheBankorotherauthoritiesonthemakingofpayments
andtransfersforinternationaltransactions,unlesstheBankdeterminesthatsuchrestrictionsarerequired
intheperformanceofanobligationofSouthSudanunderinternationallaw.Alldecisionsonthese
mattersmustbetakenunanimouslybytheBoard.
59.ResponsibilitiesoftheBank
TheBankshallhaveresponsibilityfor:
(a)theissuanceofregulations,circularsandordersrequiredfortheexecutionofforeignexchange
policyandforforeignexchangemarketoperationswithintheterritoryofSouthSudan
(b)theregistrationandissuanceoflicenses,andtheregulationandsupervision,offoreignexchange
dealersincludingbanks,andotherfinancialinstitutions,pursuanttorelevantlegislation
(c)settinglimitsonforeignexchangepositionsofforeignexchangedealersandbanks
(d)maintainingandmanagingtheinternationalreservesoftheBankand
(e)buyingandsellingfreelyusableforeignexchangeforSouthSudanesepoundsatitsposted
exchangeratesaccordingtoitsregulations.
https://bosshq.net/resrarchandstatistics/bankofsouthsudanact2011/
45/59
10/02/2015
BANKOFSOUTHSUDANACT,2011|BankofSouthSudan
60.InternationalClearingandPaymentsAgreements
TheBankmay,eitherforitsownaccountoronbehalfoftheGovernment,enterintoclearingand
paymentsagreementsoranyothercontractsforthesamepurposewithpublicandprivatecentralclearing
institutionsdomiciledabroad.
61.InternationalReserveAssets
(1)TheBankshallestablishandmaintaintheinternationalreservesofSouthSudanwhichshall
consistofalloranyofthefollowingassets:
(a)anygold,otherpreciousmetalsandpreciousstones
(b)anybanknotesandcoinsinfreelyconvertibleforeigncurrency
(c)anycreditbalancesthatarepayableinfreelyconvertibleforeigncurrencyandareheldin
accountsoftheBankonthebooksofforeigncentralbanksorotherfinancialinstitutions
(d)SpecialDrawingRightsoftheInternationalMonetaryFund
(e)anybillsofexchange,promissorynotes,certificatesofdeposit,bondsandotherdebt
securitiesthatarepayableinfreelyconvertibleforeigncurrencyandareheldbyorfortheaccountofthe
Bankand
(f)anyforwardpurchaseorrepurchaseagreementsandanycurrencyswapagreementsofthe
Bankconcludedwithorguaranteedbyforeigncentralbanksorinternationalfinancialorganizations,and
anyfutures,optionandothercontractsheldbytheBank,thatentitletheBanktoreceivepaymentin
freelyconvertibleforeigncurrency.
(2)TheBankshallmaintaintheinternationalreservesatalevelthatshallbeadequateforthe
executionofthemonetaryandexchangeratepoliciesofSouthSudanandforthepromptsettlementof
thecountrysinternationaltransactions.
62.Acquisition,HoldingandDisposalofInternationalReserves
TheBankshallhavetheauthoritytotakeallactionsnecessarytoacquire,tohold,andtodisposeof,the
internationalreserveassetsspecifiedinsection61(1)above,andmanagetheminaccordancewith
internationallyrecognizedbestpractices.
https://bosshq.net/resrarchandstatistics/bankofsouthsudanact2011/
46/59
10/02/2015
BANKOFSOUTHSUDANACT,2011|BankofSouthSudan
63.InvestmentofInternationalReserveAssets
TheinternationalreserveassetsoftheBankreferencedinsection61aboveshallbeinvestedabroadin
accordancewithinvestmentguidelinesestablishedbytheBoard,givingprioritytosafety,liquidity,and
income,inthatorder.
CHAPTERIX
RELATIONSWITHTHEGOVERNMENT
64.Banker,Adviser,andFiscalAgent
(1)TheBankshallactasbankerandadviserto,andasfiscalagentof,theGovernment,andsuch
GovernmentagenciesastheBoard,inconsultationwiththeMinistershalldetermine.
(2)TheBankshallconsultwiththeMinisteronanyproposalsconcerningmattersthatrelatetothe
Ministrysobjectivesorthatotherwisearewithinitsfieldsofcompetence.
(3)Eachyear:
(a)theMinistershallconsulttheBankontheoccasionofthepreparationoftheGovernmentbudget
forthenextfollowingbudgetyear,includingtheextentofexternalfinancingofdomesticexpenditures
(b)theBankshallsubmittotheMinisterawrittenreportoneconomicandfinancialmatterspertinent
tothebudget
(c)theMinistershallincludethereportoftheBankreferredtoinsubsection(b)aboveinitsbudget
proposaltotheAssemblyforthefollowingyear.
65.AdvancestotheGovernment
https://bosshq.net/resrarchandstatistics/bankofsouthsudanact2011/
47/59
10/02/2015
BANKOFSOUTHSUDANACT,2011|BankofSouthSudan
(1)TheBankmaymakeadvancestotheGovernmentonlyinrespectoftemporarydeficienciesof
recurrentrevenue.
(2)Thetotalamountofadvancesmadeoroutstandingundersubsection(1)shallnotatanytime
exceed:
(a)5percentofthegrossrecurrentrevenueoftheGovernment,asshownintheappropriationaccount
forthelatestyearforwhichthataccounthasbeenauditedbytheAuditorGeneral,or
(b)50percentofthecapitaloftheBank,asshownonthemostrecentmonthlyfinancialstatementsof
theBank,whicheveramountislower.
(3)EachadvancemadetotheGovernmentunderthissectionshall:
(a)haveamaturityofnolongerthan3months
(b)besecuredbynegotiablesecuritiesissuedbytheGovernmentandhavingamaturityofnot
morethan12months
(c)bearinterestatamarketrateand
(d)bemadesolelyforthepurposeofprovidingtemporaryaccommodationtotheGovernment.
(4)Foratleast6monthsofeverycalendaryear,theremustbenooutstandingliabilitiesofthe
GovernmenttotheBank.
(5)Forpurposesofthissection,recurrentrevenuesoftheGovernmentshallincluderevenuefrom
taxes,customs,exciseandotherduties,fees,rents,profitsandincomefromanyinvestmentor
undertaking,butshallnotincludeproceedsfromgrants,loans,ordisposalofassetsforpurposesof
privatisationoranyformofborrowing,whethershorttermorlongterm.
(6)Whereanyadvanceunderthissectionisnotrepaidwithintherequiredtimeperiod,theBank
shallreportthisfacttotheAssembly,andshallnotmakeanyadditionaladvancestotheGovernment
untilthesituationisrectified.
66.ConsultationsandReportingonPublicSectorBorrowing
(1)Eachyear,theMinistershallconsultwiththeBankonitsplanfordomesticandexternalpublic
sectorborrowingduringthenextfollowingfinancialyear,includingtheamountstobecontractedand
disbursedundersuchborrowingandtheexpectedtermsandconditionsofsuchborrowing.
https://bosshq.net/resrarchandstatistics/bankofsouthsudanact2011/
48/59
10/02/2015
BANKOFSOUTHSUDANACT,2011|BankofSouthSudan
(2)AllborrowingtransactionsbytheGovernmentanditsagenciesshallbereportedinsuchdetailas
theBankshallrequirebyregulation.
67.DepositoryandCashierfortheGovernment
(1)TheBankshallacceptdepositsfromtheGovernmentandfromsuchGovernmentagenciesasthe
Ministershalldetermine.
(2)Asdepository,theBankshallreceiveanddisbursemoniesandkeepaccountthereofandprovide
otherfinancialservicesrelatedthereto.
(3)TheBankshallpaytothelimitsofthedepositedamountsagainstpaymentordersconcerning
suchaccounts.
(4)TheBankshallpayinterestonsuchdepositsatrelevantmarketrelatedratesafterdeductionofits
administrativecostsrelatedtosuchdeposits.
(5)TheBankmayauthorizeotherfinancialinstitutionstoreceivesuchdepositsincompliancewith
conditionsprescribedbytheBank.
68.FiscalAgencyFunction
(1)TheBankmay,onlythroughatrustfundandonsuchtermsandconditionsasitshallagree
withtheMinister,actasfiscalagentfortheaccountoftheGovernmentanditsagencies,inthefollowing
matters:
(a)marketingofdebtsecuritiesissuedbytherelevantauthorities,orasregistrarandtransfer
agentthereof
(b)paymentofprincipalof,andinterestandotherchargeson,suchsecuritiesand
https://bosshq.net/resrarchandstatistics/bankofsouthsudanact2011/
49/59
10/02/2015
BANKOFSOUTHSUDANACT,2011|BankofSouthSudan
(c)suchothermattersasshallbeconsistentwiththeobjectivesandbasictasksoftheBank.
(2)TheBankshallchargefeesforanyservicesperformedunderthissectionatitscost.
69.RequiredInformation
TheBankshallbeentitledtoreceivefromtheGovernmentallsuchfinancialandeconomicinformation
anddocumentsastheBankshallreasonablyrequestforthecarryingoutofitsfunctions.
CHAPTERX
RELATIONSWITHREGULATEDENTITIES
70.SupervisionofRegulatedEntities
(1)TheBankshallbeexclusivelyresponsibleforthesupervision,regulationandlicensingof
financialentitiesinSouthSudaninaccordancewiththeregulation.
(2)TheprincipalfunctionsoftheBankwithregardtoregulatedentitiesshallbe:
(a)topromotethegeneralsafety,stability,efficiency,andtransparencyofthebankingandfinancial
systemsofSouthSudan
(b)tocounteractundesirabledevelopmentsinregulatedentitiesthatmayendangerthesafetyof
assetsentrustedtothem,impairtheproperconductoftheirbusiness,orproduceunacceptablesystemic
riskinthebankingorfinancialsystems,orseriousdisadvantagestothenationaleconomy.
(3)Withoutanylimitationonsubsection(2)above,theBankshall:
(a)beresponsibleforsupervisingcompliancewiththeprovisionsofthisAct,otherrelevantlawsand
regulationsoftheBankpertainingtoregulatedentities
(b)takeappropriatestepstoensurethatregulatedentitiesconductingbusinessinSouthSudanare
operatedinasafe,responsible,honestandbusinesslikemanner
https://bosshq.net/resrarchandstatistics/bankofsouthsudanact2011/
50/59
10/02/2015
BANKOFSOUTHSUDANACT,2011|BankofSouthSudan
(c)suppressoraidinsuppressingillegal,dishonourableorimproperpracticesintheconductofthe
businessofregulatedentities,includingmisuseofregulatedentitiesforcriminalpurposes,money
launderingorterroristfinancing
(d)cooperatewithandassistfinancialservicessupervisoryauthoritiesinSouthSudanandabroad,
wheneverappropriate,totheextentpermittedbythisoranyotherprovisionoflawand
(e)considerandproposereformsoflawsrelatingtosupervisionofregulatedentities.
(4)InperformingthesupervisoryfunctionsassignedtoitbythisAct,theBankshallbeauthorized,
inparticular,to:
(a)carryoutthelicensingofanyregulatedentities,includingsettingeligibilityrequirementsfor
thosewishingtoengageinthebusinessofregulatedentitiesasauthorizedbyrelevantlegislation
(b)submitanyregulatedentitiestoprudentialrequirements,and/orotherrequirementsdesignedto
facilitatesupervisionbytheBankand/orprotectionofcustomersandclients
(c)requireregulatedentitiestoprovideinformationtotheBanktofacilitatesupervisionbytheBank
(d)conductinspectionsofregulatedentitiesasauthorizedbyrelevantlegislation
(e)issuecorrectiveordersto,andimposepenaltiesandsanctionson,regulatedentitiesinaccordance
withrelevantlegislationincasesoflegalorregulatoryviolations
(f)revokelicensesofregulatedentitiesinaccordancewithlegalrequirementsand,
(g)performotherfunctionsprovidedbyrelevantlegislation.
71.LenderofLastResortFunction
(1)TheBankmayprovidelenderoflastresortliquiditysupporttoasolventbank,bygrantingtoit
financialassistanceasmaybeprovidedintheregulation.
(2)Eachcommitmentreferencedinsubsection(1)mustbesecuredbyassetsspecifiedinsection
54(1),unless:
(a)theBankdeterminesinwritingthatothercollateralwouldbejustifiedbyexceptional
circumstances,dictatedbytheliquiditysituationofthebankandbythepublicinterestand
(b)theMinisterhasconcurredinwritingwithsuchdeterminationwithin24hoursafterithas
beensubmittedtohimbytheBank.
(3)Commitmentsundersubsection(1)maynotexceed50percentoftheBankscapitalunlessany
excessismatchedequallybyfundsfromtheMinistry.
https://bosshq.net/resrarchandstatistics/bankofsouthsudanact2011/
51/59
10/02/2015
BANKOFSOUTHSUDANACT,2011|BankofSouthSudan
(4)Thetermsandproceduresforprovidingassistanceundersubsection(1)shallbedeterminedby
theBank.Theinterestrateforsuchcreditsmustbeatmarketratesasdeterminedbyregulationofthe
Bank.
(5)Theperiodforassistancereferencedinsubsection(1)maybeextendedbytheBankforone
additional3monthperiod,withtheapprovaloftheBoardandthewrittenconcurrenceoftheMinister,on
theconditionthatthebanktakesanymeasuresrequiredbytheBanktoovercomeitsliquidity
deficiencies,tothesatisfactionoftheBank.
CHAPTERXI
ACCOUNTS,FINANCIALSTATEMENTS,
AUDIT,ANDREPORTS
72.FinancialYear
ThefiscalyearoftheBankshallbetheyearaccordingtotheGregoriancalendar,andcommenceonthe
firstdayofJanuaryandend,onthe31stofDecemberofthesameyear.
73.AccountingPractices
TheBankshallmaintainaccountsandrecordsadequatetoreflectinaccordancewithconsistently
maintainedInternationalFinancialReportingStandardsitsoperationsandfinancialcondition.
74.FinancialStatements
TheBankshallpreparefinancialstatementsforeachofitsfinancialyears.Theyshallincludeabalance
sheet,incomestatement,astatementofcashflows,andrelatedstatements.
https://bosshq.net/resrarchandstatistics/bankofsouthsudanact2011/
52/59
10/02/2015
BANKOFSOUTHSUDANACT,2011|BankofSouthSudan
75.AuditofAccounts
(1)TheaccountsandrecordsoftheBankshallbeauditedannuallyinaccordancewith
InternationalStandardsonAuditingbytheAuditorGeneral.
(2)TheBankshallprovidetheAuditorGeneralwithsuchassistanceastheAuditorGeneralmay
require.TheAuditorGeneralshallhaveaccess,uponrequest,toallaccounts,books,minutes,records
andotherdocuments,informationanddataoftheBank.
76.TransmittalandPublicationofStatementsandReports
(1)TheBankshall,withinfourmonthsafterthecloseofeachofitsfinancialyears,submittothe
MinisterfortransmissiontothePresidentacopyofitsfinancialstatementscertifiedbytheAuditor
GeneralandtheBanksexternalauditors.
(2)TheBankshallonceayearsubmittotheAssembly:
(a)areportonitsoperationsandaffairsduringthatyear,reviewingthatyearsperformanceagainst
itsplansandsettingoutitsobjectivesforthecomingyearand,
(b)areportonthestateoftheeconomy.
(3)TheBankshall,within15workingdaysoftheendofeachmonth,prepareandsubmittothe
Ministerproformabalancesheets.Theproformareportswillincludethenetchangeintheforeign
reservepositionoverthecourseofthemonth.
(4)Ifamonthlyproformabalancesheetreferredtoinsubsection(3)above,showsthatthevalueof
theBanksassetsislessthanthesumofitsliabilitiesandrequiredcapital,theMinistershall,within10
workingdaysofreceiptofsuchstatementfromtheBank,notifythePresidentandAssemblyinwriting
andcarryouttherequirementsofsection38ofthisAct.
(5)Upontheirsubmission,theBankshallpublishthefinancialstatementsandreportsreferredtoin
subsections(1)and(2)aboveitmaypublishsuchotherreportsandstudiesonfinancialandeconomic
https://bosshq.net/resrarchandstatistics/bankofsouthsudanact2011/
53/59
10/02/2015
BANKOFSOUTHSUDANACT,2011|BankofSouthSudan
issuesasitmaydeemappropriate.
CHAPTERXII
COLLECTIONOFSTATISTICALINFORMATION
77.CollectionofStatisticalInformation
(1)TheBankshallcollectthestatisticalinformationrequiredfortheachievementofitsobjectives
andthecarryingoutofitstasks,fromthecompetentauthoritiesofSouthSudanordirectlyfrom
economicagents.Tothatend,itshallcooperatewiththecompetentauthoritiesinotherstatesandwith
internationalorganizations.
(2)TheBankshallseektoharmonizetherulesandpracticesgoverningthecollection,compilation
anddistributionofstatisticswithinitsfieldsofcompetence.
(3)TheBankshalldefinebyregulationthestatisticalinformationandtheforminwhichsuch
informationistobeprovidedtotheBank,thepersonsthataretoprovidesuchinformationtotheBank,
andtheconfidentialityregimethatshallapplytostatisticalinformationprovidedtotheBank.
(4)TheBankmayrequireallbanksandotherregulatedentitiesoperatingwithintheterritoryof
SouthSudantoprovidetotheBankannual,quarterly,ormorefrequentreportscoveringmonetary
statistics,incomeandexpensereports,nonperformingloansandloanlossesandprovisioning,foreign
currencypositions,interestrates,andotherreportsofactivities.TheBankshallbeobligedtocompile
statisticsinaccordancewithinternationalstandardsandpractices.
(5)TheBankmaycompileandaggregatestatisticalinformationreceivedfrombanksandother
financialinstitutionsasneededtomeetitspolicyneeds,toinformthepublic,andfulfilobligationsto
internationalorganizations.
(6)TheBankmayrequirethatbanksandotherfinancialinstitutionsandagentsprovidetotheBank
informationonspecifictransactions,individuals,orfirmsasareneededtocarryoutitssupervisory,
policy,andstatisticalfunctions.
https://bosshq.net/resrarchandstatistics/bankofsouthsudanact2011/
54/59
10/02/2015
BANKOFSOUTHSUDANACT,2011|BankofSouthSudan
(7)TheBankshallnotdisseminatetothepublicstatisticalinformationrevealingbusinessrelations
ofindividualsorundertakingsunlessithasobtainedthepriorwrittenpermissionbytheindividualsorthe
undertakingsconcernedtodoso.
(8)TheBankmayprovideinformationonconfidentialbankmonetaryrecordsrelatedtospecific
transactions,individuals,orfirmstosupervisorsorotherdueauthoritiesfortheexecutionoftheirofficial
duties.
(9)TheBankmayimposesanctionsonbanks,monetaryinstitutionsandagents,andtheir
managementintheeventofincompleteinformationorlatereporting,nonreporting,orinaccurate
reporting.
(10)EachpersonfromwhomtheBankmaycollectstatisticalinformationpursuanttothissectionshall
providetosuchinformationinaccordancewiththerelevantregulations.TheBankmayapplyany
enforcementmeasuresauthorizedbytheapplicablelawtoanypersonwhoviolatesthisrequirement.
CHAPTERXIII
MISCELLANEOUSPROVISIONS
78.PreferentialRight
TheBankshallhaveanunconditionalpreferentialrighttosatisfyanyclaimagainstanydebtorofthe
Bankatthetimesuchclaimbecomesdueandpayable.Suchclaimmaybesatisfied:
(a)fromanycashbalancesandotherassetsthattheBankholdsforitsownaccountorforthe
accountofthedebtorconcerned,whetherascollateraltosecuresuchclaimorotherwise
(b)bytheBankkeepingsuchcashbalances,and/orsellingsuchassetsatareasonablepriceand
retainingtheproceedsofsuchsaleafterdeductingtheassociatedcosts
(c)withoutactionorapprovalofanycourtand
(d)notwithstandinganycompetingclaimofownershiporotherpreviouslyacquiredrights,
unlessthereisclearandconvincingevidencethatstaffoftheBankkneworshouldbeconsideredtohave
knownatthetimesuchassetscameintothepossessionoftheBankthatsuchassetsdidnotbelongtothe
debtorconcerned.
https://bosshq.net/resrarchandstatistics/bankofsouthsudanact2011/
55/59
10/02/2015
BANKOFSOUTHSUDANACT,2011|BankofSouthSudan
79.StandardsofGoodAdministration
(1)TheBankshallperformitsassignedtasksinaccordancewithlaw.
(2)ThedecisionsoftheBankshallbeimpartial,inaccordancewithlaw.
(3)Incarryingoutitstasksandprovidingservices,theBankshallbeobligedtoconsiderthebenefits
whileimposingarestriction.
CHAPTERXIV
TRANSITIONALPROVISIONS
80.ExecutionofContractsandTransactions
Everycontract,sale,bill,note,instrumentandSecurityandeverytransaction,dealing,matterandthing
relatingtomoneyorinvolvingtheliabilitytopaymoneythatwasmade,executedorenteredinto,done
orcarriedoutbeforethisActentersintoforceshall,remaintobeexecuted,doneorcarriedoutonorafter
thatdate.
81.TemporaryMonetaryPolicyObjective
ForthefirstsixmonthsfollowingtheendoftheperiodforredeemingSudanesepoundsforSouth
Sudanesepounds,monetarypolicyshalltargettheamountofsalesofforeignexchange,inorderto
achievearepresentativeandstablemarketexchangerateforusebeyondsuchperiod.
(82).TemporarySuspensionofLimitationonAdvancestotheGovernmentBasedontheBanks
Capital
https://bosshq.net/resrarchandstatistics/bankofsouthsudanact2011/
56/59
10/02/2015
BANKOFSOUTHSUDANACT,2011|BankofSouthSudan
ForthefirstfiveyearsfollowingtheeffectivedateofthisAct,thelimitationonadvancestothe
GovernmentbasedontheBankscapitalspecifiedinsection65(2)(b)aboveshallnotbeapplicable.
AssentofthePresidentoftheGovernmentofSouthernSudan
InaccordancewiththeprovisionofArticle85(1)oftheTransitionalConstitutionoftheRepublicSouth
Sudan,2011,I,Gen.SalvaKiirMayardit,PresidentoftheRepublicofSouthSudan,herebyAssenttothe
BankofSouthSudanAct,2011andsignitintolaw.
SignedundermyhandinJuba,thisdayofthemonthofintheYear2011AD.
Gen.SalvaKiirMayardit,
President
TheRepublicofSouthSudan
Juba.
EventCalendar
FAQs
Legislations
OrganizationandGovernance
Publications
SouthSudanMap
SouthSudanProfile
UsefulLinks
Comm.Rates
Forexexchangerates
InflationRate
Interbankrates
InterestRates
Rates
TBillsandBonds
ExchangeRates
https://bosshq.net/resrarchandstatistics/bankofsouthsudanact2011/
57/59
10/02/2015
BANKOFSOUTHSUDANACT,2011|BankofSouthSudan
ExchangeRatefor10/02/2015
Currency
Buying Selling
USDollar$
2.9377 2.9623
UKPound
4.4988 4.5445
Euro
3.3663 3.4025
KSH
30.8062 31.1058
UGX
964.0583 975.4638
SDG
2.0110 2.0380
JPY
0.0250 0.0253
CHF
3.1783 3.2178
CAD
2.3594 2.3845
AUD
2.2891 2.3263
Morerates...
Contactus
BankofSouthSudan.
HQJubaTown
P.O.Box136
info@bosshq.net
Headquarters
+211920004100
WauBranch
+211920004200
YeiBranch
+211920004300
MalakalBranch
+211920004400
https://bosshq.net/resrarchandstatistics/bankofsouthsudanact2011/
58/59
10/02/2015
BANKOFSOUTHSUDANACT,2011|BankofSouthSudan
2015BankofSouthSudan
PoweredbyWordPress
https://bosshq.net/resrarchandstatistics/bankofsouthsudanact2011/
59/59