BOSS has issued an order to all commercial banks in the country to close all government accounts registered with them
The Bank of South Sudan orders commercial banks to close government bank accounts registered with them to reduce the chances of corruption
The Bank of South Sudan has issued an order to all commercial banks in the country to close all government accounts registered with them. This decision was made after the Ministry of Finance noticed that some government institutions had opened bank accounts with commercial banks without the proper authorization from the ministry and the Bank of South Sudan.
As a result, the Bank of South Sudan has ordered all commercial banks to close all bank accounts of central government institutions and state governments, except for donor project accounts.
The banks have also been instructed to transfer the balance of these accounts to suspended accounts until further notice.
According to sources at the Ministry of Finance, the move is being taken as a measure to ensure that all government funds are managed in a transparent and accountable manner. By closing unauthorized accounts, the Bank of South Sudan and the Ministry of Finance aim to prevent any misuse of government funds and to ensure that all transactions are properly recorded and tracked.