Currency controls | Africa Inc.

South Sudan introduces 1,000-pound banknote to ease transactions

February 12, 2021February 12, 2021 Frank

SOUTH SUDAN – The Central Bank of South Sudan has introduced a 1,000-pound banknote in a move to ease transactions. “Our aim is to align the structure of the banknote with the need of the people who use it for their daily transactions. We need banknotes that are convenient, high quality, secure, and cost effective,” Central Bank governor Dier Tong told journalists in Juba during a press briefing. “In July 2019, the Bank of South Sudan planned to introduce 1,000 pound after the successful introduction of the 500-pound banknotes…

African Energy Chamber salutes BEAC for relaxing its currency controls for oil and gas industries

July 14, 2020August 31, 2020 Frank

AFRICA – The African Energy Chamber has saluted the Bank of Central African States (BEAC) for their willingness to offer the best enabling environment for the oil & gas industry in the wake of the ongoing crisis. Earlier this year, the Chamber had joined several industry stakeholders in calling on the BEAC to relax its currency controls rules adopted in June 2019. In a meeting held recently, the Board of Directors of BEAC allowed the opening of foreign currency escrow accounts by petroleum and mining operators. The authorization was given…