Economic Committee reserves restriction on transfers of dollars

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South Sudan petroleum minister Puot Kang Chuol addressing journalists following a meeting of the Economic Crisis Management Committee (ECMC)

The Economic Crisis Management Committee has clarified that it did not restrict the transfer of money out of the country as it was announced by the committee early this week.

This is after the committee’s spokesperson announced that the committee has restricted the transfer of more than $10,000 out of the country

The Economic Crisis Management Committee also resolved that all diplomatic corps and the UN agencies should conduct all national and international transactions of foreign currency through commercial banks in the country.

Addressing the media, the minister of petroleum who also acts as the committee’s spokesperson, Puot Kang Chol said all foreign transfer outside the country must not exceed $10,000.

“Transfer outside the country shouldn’t exceed $10,000… this is basically to say, you want to send money outside, it must not exceed $10,000… otherwise you must explain why you are sending such huge amount.”

However, in a press conference on Friday, the committee’s secretary, Abraham Kuol said the committee did not restrict the transfer of money but encouraged all transactions to be done through banks in the country.

The resolution is to impose an anti-laundering policy.

The policy says any individual traveling out of the country should not carry physical cash of not more than 10,000 dollars.

“In this case, this information was misquoted by the media to show that the committee had resolved that nobody should transfer more than $10,000 USD,” Abraham Kuol said.

“This press conference is meant to make the clarification to the general public that in the resolution, the committee adopted and agreed that all transactions going outside the country should be done through the commercial bank or any other forex.”

The Economic Crisis Management Committee was constituted by President Salva Kiir early this month to arrest the country’s deteriorating economy.

Over the years, rights groups have criticized the government of South Sudan for being complacent in preventing money laundering by allowing millions of dollars sent out of the country allegedly by corrupt individuals

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