BANK OF SOUTHERN SUDAN BEGINS OPERATIONS

UNCLAS KHARTOUM 000276

SIPDIS

SIPDIS

DEPT FOR D, AF/SPG AND EB/ESC

E.O. 12958: N/A
TAGS: ECON EFIN PGOV PREL SU
SUBJECT: BANK OF SOUTHERN SUDAN BEGINS OPERATIONS



1. (U) The establishment of the Bank of Southern Sudan (BOSS)
was made official by a public announcement dated February 4.
The BOSS will provide the services of a central bank in
Southern Sudan, including the regulation of the banking
system and issuance of banking licenses. Under the CPA, the
banking system of Northern Sudan will continue to operate
under Sharia law, while a conventional banking system will be
established in Southern Sudan.

2.(U) Full text of the public announcement follows:

(Begin text)

It is brought to the notice of the public, as the
Comprehensive Peace Agreement (CPA) requires, we are glad to
announce to the public that, on the first of February 2006
the Bank of Southern Sudan (BOSS) is established and started
operations with a staff of 45 persons (28 from SPLM caders
(sic) 17 who were already working in the Central Bank of
Sudan, Juba Branch).

The BOSS will soon start the processes of granting licenses
to commercial banks (domestic and foreign) which will be
interested to operate in the Southern Sudan using
conventional banking system as stipulated in the CPA.

Signed
Elijah Malok Aleng
Deputy Governor, Central Bank of Sudan
Head of Bank of Southern Sudan

(End text)

HUME