bank of south sudan act, 2011 _ bank of south sudan
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actTRANSCRIPT
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BANKOFSOUTHSUDANACT,2011
THELAWSOFSOUTHSUDAN
BANKOFSOUTHSUDANACT,2011
______________________________________________________________________
PrintedbytheMinistryofJustice
BankofSouthSudanAct,2011
CHAPTERI
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PRELIMINARYPROVISIONS
1.TitleandCommencement
2.RepealandSaving
3.Purpose
4.AuthorityandApplication
1. Interpretation
CHAPTERII
ESTABLISHMENTOFTHEBANK
6.Establishment
7.Objectivesandbasictasks
8.IndependenceoftheBank
9.LegalprotectionfortheBank,itsofficials,employeesandagents
10.TaxationprovisionsapplicabletotheBank
11.Prohibitedactivities
12.Authoritytoissueregulationsandcirculars
13.Internationalcooperation
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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
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FINANCIALAFFAIRS
33.Capital
34.ReservesoftheBank
35.CalculationofnetprofitornetlossoftheBank
36.Allocationofnetprofit
37.Allocationofnetloss
38.Coverageofshortfallsincapital
CHAPTERV
MONETARYUNIT,BANKNOTESANDCURRENCY
39.Monetaryunit
40.Issueofbanknotesandcoins
41.FunctionsoftheBankregardingcurrency
42.Currencyfeatures
43.UnfitCurrency
44.Accountingtreatmentofcurrencyissued
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45.Currencyrecall
CHAPTERVI
LEGALTENDER
46.SouthSudanesepoundaslegaltender
47.Publicaccountsandcompulsorypayments
48.Sumsmentionedinlaws,valuation,andconversion
49.Designationofpricesforgoodsandservices
50.Freedomofcurrency
51.Enforcementofforeigncurrencypaymentobligations
CHAPTERVII
MONETARYFUNCTIONSANDOPERATIONS
1. Monetaryandexchangeratepolicy
53.ExternalvalueoftheSouthSudanesepound
54.Overnightadvances
55.Issuanceofdebtsecurities
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56.Requiredreservesofbanks
57.Publicationofinformationrelatingtocurrency
CHAPTERVIII
FOREIGNEXCHANGEOPERATIONS
58.Generalpolicy
59.ResponsibilitiesoftheBank
60.Internationalclearingandpaymentsagreements61.Internationalreserveassets
62.Acquisition,holdinganddisposalofinternationalreserves
63.Investmentofinternationalreserveassets
CHAPTERIX
RELATIONSWITHTHEGOVERNMENT
64.Banker,adviser,andfiscalagent
65.AdvancestotheGovernment
66.Consultationsandreportingonpublicsectorborrowing
67.DepositoryandcashierfortheGovernment
68.Fiscalagencyfunction
69.RequiredInformation
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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
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CHAPTERXIII
MISCELLANEOUSPROVISIONS
78.Preferentialright
79.Standardsofgoodadministration
CHAPTERXIV
TRANSITIONALPROVISIONS
80.Executionofcontractsandtransactions
81.Temporarymonetarypolicyobjective
1. TemporarysuspensionoflimitationonadvancestotheGovernmentbasedontheBankscapital
BankofSouthSudanAct,2011
InaccordancewiththeprovisionsofArticle55(3)(b)readtogetherwithArticle85(1)oftheTransitionalConstitutionoftheRepublicofSouthSudan,2011,theNationalLegislature,withtheassentofthePresidentoftheRepublicofSouthSudanherebyenactsthefollowing:
CHAPTERI
PreliminaryProvisions
1.TitleandCommencement
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ThisActshallbecitedasBankofSouthSudanAct,2011andshallcomeintoforceonthedateofitssignaturebythePresident.
2.RepealandSaving
AnyexistinglegislationinSouthSudan,thatgovernsthesamemattersassetforthinthisAct,areherebyrepealedorceasetooperateinSouthSudanprovidedthat,allproceedings,ordersandregulationstakenormadethereunder,excepttotheextenttheyarecancelledbyorareotherwiseinconsistentwiththeprovisionsofthisAct,shallremaininforceoreffect,untiltheyarerepealedoramendedinaccordancewiththeprovisionsofthisAct.
3.Purpose
ThepurposeofthisActistoprovidefortheestablishmentandgovernanceoftheBankofSouthSudanandanymattersorissuesrelatedthereto.
4.AuthorityandApplication
ThisActisdraftedinaccordancewiththeprovisionsofArticle182(1)oftheTransitionalConstitutionoftheRepublicofSouthSudan,2011whichprovidesfortheestablishmentofacentralbankintheRepublicofSouthSudantobeknownastheBankofSouthSudan.
Interpretation
InthisActunlessthecontextotherwiserequires,thefollowingwordsandexpressionshallcarrythemeaningassignedtothemrespectively
NationalLegislaturemeanstheNationalLegislativeAssemblyandCouncilofStates
AuditorGeneralmeanstheAuditorGeneralofSouthSudan
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bankmeansalegalentityengaginginthebusinessandreceivingofmoneydepositsorotherrepayablefundsfromthepublicandmakingcreditsforitsownaccount,andlicensedtodobusinessinSouthSudan
BankmeansBankofSouthSudan
banknoteincludesanyinstrumentused,orintendedtobeusedasmoneyorastheequivalentofmoney,issuedunderlawfulauthorityinSouthSudanorelsewhere
BoardmeanstheBoardofDirectorsoftheBank
capitaloftheBankmeanstheexcessofthevalueoftheBanksassetsoveritsliabilities
chequecashingmeansreceivingcompensationfortakingpaymentinstrumentsorstoredvalue,otherthantravellerscheques,inexchangeformoney,paymentinstruments,orstoredvaluedeliveredtothepersondeliveringthepaymentinstrumentorstoredvalue,including,butnotlimitedto:
(a)thepresentationtoamoneyserviceproviderbyacustomerofachequepayabletotheorderofthecustomer,inexchangeforcashofequivalentorlesseramount
(b)thepresentationtoamoneyserviceproviderbyacustomerofachequepayabletotheorderofthemoneyserviceprovider,inexchangeforcashofequivalentorlesseramountor
(c)thepresentationbyamoneyserviceprovidertoacustomerofachequepayabletotheorderofthecustomer,tobeexchangedforcashofequivalentorlesseramountatacreditinstitutionoranyotherinstitutionwherethemoneyserviceprovidermaintainsacurrentaccounttheprovisionbyamoneyserviceprovidertoacustomerofareferencenumber,thepresentationofwhichnumberandpersonalidentificationatacreditinstitutionoranyotherinstitutionwherethemoneyserviceprovidermaintainsacurrentaccountentitlesthecustomertoreceivecashofapredeterminedamount
counterfeitmoneyincludes:
(a)afalsecoinorfalsepapermoneythatresemblesoristakenforacurrentcoinorcurrentpapermoney
(b)aforgedbanknoteorforgedblankbanknote,whethercompleteorincomplete
(c)agenuinecoinorgenuinepapermoneythatispreparedoralteredtoresembleorpassforacurrentcoinorcurrentpapermoneyofahigherdenomination
(d)acurrentcoinfromwhichthemillingisremovedbyfilingorcuttingtheedgesandonwhichnewmillingismadetorestoreitsappearance
(e)acoincasedwithgold,silverornickel,thatisintendedtoresembleorpassforacurrentgold,silverornickelcoinand
(f)acoinorapieceofmetalormixedmetalsthatiswashedorcolouredbyanymeanswithawashormaterialcapableofproducingtheappearanceofgold,silverornickelandthatisintendedtoresembleorpassforacurrentgold,silverornickelcoin
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currencyexchangemeansreceiptofrevenuesfromtheexchangeofmoneyofonecountryformoneyofanothercountry
debtsecuritymeansanybond,debenture,orfunctionallyequivalentinstrumentofindebtedness,andanyinstrumentwhichgivestherighttoreceiveanotherdebtsecuritythroughsubscriptionorexchangedebtsecuritiesmayalsobeinbookentryform.Thetermdebtsecuritydoesnotincludepromissorynotes,billofexchange,orchequesasdefinedintheNegotiableInstrumentsLaw.
electronicmoneymeanselectronically(includingmagnetically)storedmonetaryvalueasrepresentedbyaclaimontheissuerthatisissuedonreceiptoffundsforthepurposeofmakingpaymenttransactionsasdefinedinthisLaw,andacceptedbyanaturalorlegalpersonotherthantheelectronicmoneyissuer.
electronicmoneyinstitutionmeansanylegalentitythathasbeengrantedalicensebytheBanktoissueelectronicmoney.
electronicmoneyissuermeansanyentityauthorizedbylaworregulationoftheBanktoissueelectronicmoney.
foreigncurrencyorforeignexchangemeansthemoneyofacountryorintergovernmentalorganizationotherthanSouthSudan.
foreignexchangedealermeansanypersonwhoengagesinthebusinessofbuyingandsellingforeigncurrencies,forwardexchangecontracts,options,paymentinforeigncurrencies,swapsorotherderivativecontractsinvolvingaforeigncurrencytransaction.
GovernmentmeanstheGovernmentofSouthSudan
GovernormeanstheGovernoroftheBank
investmentfundmeansacompanythatinvestsinsecuritiesbyreceivingfundsfromthepublic
InternationalFinancialReportingStandardsmeansthemostrecentinternationalfinancialreportingstandardsissuedbytheInternationalAccountingStandardsBoard
loanmeansempoweringownershipofmoneyand/orthingprovidedthatisequivalentinvalue,qualityordescriptions,topayortoberepaidtowhoevermaypasstheloanbytheexpirationoftheperioddesignedfortheloan
MinistermeanstheMinisterofFinanceandEconomicPlanning,unlessindicatedotherwise
moneymeansamediumofexchangethatisauthorizedandadoptedbySouthSudanoranothercountry,orbyanintergovernmentalorganization
moneyservicemeansanyserviceconductedinrelationtomoneyincludingsafekeeping,moneytransmission,chequecashing,orcurrencyexchange
moneyserviceprovidermeansanypersonwhoengagesinthebusinessofprovidingamoneyservice
moneytransmissionmeanssellingorissuingpaymentinstruments,storedvalue,orreceivingmoneyormonetaryvaluefortransmissionthetermdoesnotincludetheprovisionsolelyofphysicaldelivery,
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onlineortelecommunicationsservices,ornetworkaccess
negotiablewithrespecttoafinancialinstrumentmeansthatthetitletothatinstrumentmaybetransferredbydeliveryoftheinstrumentorbysignedendorsementwrittenontheinstrumentorbyentryinaregisterofownersofsuchinstrument
ordermeansanobligatorydirective,issuedbytheBanktooneormoreregulatedentitiesorotherpersonsinimplementationofthisAct
paymentinstrumentmeansacheque,draft,moneyorder,travellerscheque,orotherinstrumentforthetransmissionorpaymentofmoneyormonetaryvalue,whetherornotnegotiableacreditcardvoucher,letterofcredit,orinstrumentthatisredeemablebytheissueringoodsorservicesshallbeanexceptionfromthisrule
paymentsystemmeansanyprocedures,includingcommunicationnetworks,agreedbetweenthreeormoremoneyserviceprovidersfortheprocessingofpayments,theclearingorsettlementofpaymenttransactions,andfortheexchangeofpaymentsagainstotherpayments,financialobligationsorsecurities,inanycurrency
paymenttransactionmeansanact,initiatedbythepayerorbythepayee,ofplacing,transferringorwithdrawingfunds,irrespectiveofanyunderlyingobligationsbetweenthepayerandthepayee.
personincludesanynaturalpersonorlegalentity
PresidentmeansthePresidentofSouthSudan
recordmeansinformationthatisinscribedonatangiblemediumorthatisstoredinanelectronicorothermediumandisretrievableinperceivableform
regulatedentitymeansabank,foreignexchangedealer,moneyserviceprovider,electronicmoneyinstitution,paymentsystemoperator,andanyotherpersonsubjecttoregulationorsupervisionbytheBankinaccordancewiththisActorotherrelevantlegislation
regulationmeansanobligatorydirectiveapplicabletooneormoreclassesofregulatedentities,otherlegalentitiesand/orindividuals,havingtheforceoflaw,approvedbytheBoardtoimplementanyprovisionofthisActorotherlegislationadministeredbytheBank
requiredcapitaloftheBankmeanstheamountreferredtoinsection33(1)below
securitymeansanegotiablefinancialinstrument(whetherintheformofacertificateorinbookentryform)ofoneofthefollowingcategories:
(a)shares,orcertificatesorreceiptsinrespectofshares
(b)debtsecurities,whetherornotconvertibleintoshares
(c)derivatives
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(d)sharesorparticipationunitsininvestmentfundsor,
(e)anyothernegotiablefinancialinstrumentdeclaredtobeasecuritybyregulationoftheBank
sharemeansanyshareofcapitalstockorotherequitysecurityissuedbyacorporation
Governmentagencymeansanyadministrativeorpoliticalsubdivision,agencyoranyenterpriseownedorcontrolledbytheGovernmentofSouthSudanorbyanyGovernmentagency
storedvaluemeansmonetaryvaluethatisevidencedbyanelectronicrecord
unfitcurrencymeansbanknotesorcoinsthat,intheopinionoftheBank,are:
(a)mutilated,defaced,excessivelyagedordamaged
(b)inthecaseofbanknotes,illegible,misshapenorperforated,havebeensignificantlyalteredintheirexternalappearance,includinginparticularbanknotesthathavebeenwrittenon,paintedon,overprinted,stampedorperforated,ortowhichadhesivematterhasbeenapplied
(c)inthecaseofcoins,bent,mutilatedordefacedorthathavebeenreducedinweightotherwisethanbyabrasionthroughordinaryuse
tothepointofbeingunrecognizableorunusableforpurposesofthisAct.
CHAPTERII
ESTABLISHMENTOFTHEBANK
5.Establishment
(1)ThereisherebyestablishedacentralbankforSouthSudan,tobeknownastheBankofSouthSudan.
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(2)TheBankshallbeanautonomousbodycorporate,withperpetualsuccessionandacommonsealandlogo,subjecttotheprovisionsofthisAct,becapableinitscorporatenameof:
(a)suingandbeingsued
(b)taking,purchasingorotherwiseacquiring,holding,changinganddisposingofproperty,movableorimmovable
(c)borrowingandlendingmoney
(d)concludingrelevantcontracts
(e)issuingrelevantsecuritiesandotherwiseborrowand
(f)doingorperformingallsuchotherthingsoractsfortheproperperformanceofitsfunctionsunderthisActthatmaylawfullybedoneorperformedbyabodycorporate
(3)TheBankshallhaveitsheadofficeinJuba.Itmayestablishoperationalunits,includingbranchoffices,representativeofficesandliaisonoffices,andmayappointagentsandcorrespondents,atsuchlocationsinSouthSudanorabroadandwithsuchfunctionsanddutiesastheBoardshalldetermine.TheseoperationalunitsshallnothavelegalstatusorauthorityindependentfromtheBank.
(4)TheBankshallhaveasealconsistingoftheimageofthecoatofarmsofSouthSudanandbearingthewordsTheBankofSouthSudan.
(5)Noactrelatingtotheinsolvency,bankruptcyorwindingupofanylegalentityotherthantheBankshallapplytotheBank.InnocaseshalltheaffairsoftheBankbewoundupexceptpursuanttoanactoftheAssembly,withtheconsentofthePresident.
6.Objectives
(1)TheprimaryobjectiveoftheBankshallbetomaintainmonetaryanddomesticpricestability.
(2)TheotherobjectivesoftheBank,whichshallbesubordinatedtotheprimaryobjectiveoftheBank,shallbetofostertheliquidity,solvencyandeffectivefunctioningofastablemarketbasedfinancialsystem,andtopromoteasafe,soundandefficientnationalpaymentsystemwhichaimstomaintainthestabilityofthefinancialsystemasawhole.
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(3)Withoutprejudicetoitsprimaryobjectives,theBankshallsupportthegeneraleconomicpoliciesoftheGovernment,andpromotesustainableeconomicgrowth.
(4)BasicallytheBankshall:
(a)adoptandimplementpoliciesdesignedtomaintainmonetarystability
(b)determinethefeaturesofbanknotesandcoinsinconsultationwiththeMinisterandapprovaloftheCouncilofMinisters,andthetermsandconditionsofanycurrencyrecallinaccordancewiththisAct
(c)holdandmanagetheofficialforeignexchangereservesoftheState
(d)overseethedevelopmentandsoundfunctioningofthepaymentsystemsandsystemsfortransfersofsecuritiesissuedbytheGovernmentortheBank,andfortheclearingandsettlementofpaymenttransactionsandtransactionsinsuchsecurities
(e)establishandenforceminimumbankreserverequirements
(f)actasBankerandadviserto,andasfiscalagentof,theGovernment,andtosuchpublicagenciesasmaybedeterminedbylaw,provided,however,thatanytransactioncarriedoutbytheBankthatmayservetoextendfinancialassistancetoorforthebenefitoftheGovernmentoranysuchpublicagency,maybeundertakenonlypursuanttosection65ofthisAct
(g)regulateandsupervisebanksandsuchotherregulatedentitiesasshallbesubmittedtoitsoversightinaccordancewithrelevantlegislation
(h)receivedepositsfrom,andmaintainaccountsonitsbooksfor,regulatedentities,unitsofgovernment,foreigncentralbanksandinternationalfinancialinstitutionsonsuchtermsandconditionsasmaybeprescribedbyaccountagreementorregulationoftheBank
(i)undertakeforeignexchangeoperationsattherequestoftheGovernmentandontheBanksownbehalf
(j)issuedebtsecuritiesinaccordancewithpoliciesapprovedbytheBoard
(k)collecteconomicandfinancialdatarelatedtoitsobjectivesandtasksunderthisAct
(l)openandmaintainonitsbooksaccountsfortheadministrationoffundsprovidedbyforeignpartiestotheGovernmentortoaGovernmentAgencyinaccordancewiththetermsandconditionssetoutintrustaccountagreements,providedthat:
(i)theassetsandliabilitiesofanysuchaccountshallbesegregatedfromtheotherassetsandliabilitiesoftheBank
(ii)theassetsofeachsuchaccountshallbeavailableonlytomeetliabilitiesofthataccount
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(iii)nootherassetsoftheBankshallbeavailabletomeetliabilitiesofsuchaccountand
(iv)theBankshallchargefeesfortheadministrationofsuchaccountstocoveritscostsand
(m)representSouthSudanininternationalaffairsinaccordancewiththisAct.
7.IndependenceoftheBank
(1)WhenexercisingthepowersandcarryingoutthetasksanddutiesconferreduponthembythisAct,neithertheBanknoranymemberoftheBoard,orotherBankofficialsshallseekortakeinstructionsfromanyministry,publicinstitution,office,agency,orotherentityortheirmembersorofficials.GovernmentofSouthSudanministries,publicinstitutions,agencies,offices,andotherentitiesoperatinginSouthSudan,theirmembersandofficialsmustnotimproperlyseektoinfluencetheBankoranymemberoftheBoardorotherBankofficialsintheperformanceoftheirtasks,orinterferewiththeproperexecutionofsuchtasks.
(2)MembersoftheBoard,andallofficials,employeesandagentsoftheBankshallhavethedutytopromotethereputationoftheBankasacompletelyindependentcentralbankservingallpeopleofSouthSudanwithimpartiality,andshallrefrainfromanyactivitythatisincompatiblewiththatduty.
(3)WhileservingintheirpositionsintheBank,membersoftheBoardandtheInternalAuditorshallnotengageinpartisanpoliticalactivities.
8.LegalProtectionfortheBank,itsofficials,EmployeesandAgents
NeithertheBank,noranymemberoftheBoard,official,employee,oragentoftheBank,shallbeliableforanylossordamage:
(a)sufferedbytheBankunlessthatlossordamagewascausedbyhisorherowndefaultorwillfulact
(b)inanylegalproceedingsforanythingdoneingoodfaithunderthisAct.
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9.TaxationProvisionsApplicabletotheBank
TheBankshallbeexemptedfromalltaxesandduties.
10.ProhibitedActivities
(1)ExceptasotherwisespecificallyauthorizedbythisAct,theBankshallnot:
(a)grantanyfinancialassistanceorguarantee,whetherintheformofadirectloanorgrantoracontingentcommitment,orbypurchasingaloan,loanparticipationoranotherinstrumentofindebtedness,orthroughtheassumptionofadebtoracontingentliability,orinanyotherform
(b)engageincommercialactivity,orinanyotherbankingactivitydefinedassuchbytheapplicablebankinglaw
(c)purchasethesharesofanycorporation,includingthesharesofanyfinancialinstitution,orotherwisehaveanownershipinterestinanyfinancial,commercial,agricultural,industrial,orotherundertaking
(d)acceptanysharesascollateralsecurityor
(e)acquirebypurchase,lease,orotherwiseanyownershiprightsinortoimmovableproperty,exceptasitshallconsidernecessaryorexpedientfortheprovisionofpremisesfortheconductofitsfunctionsundertheprovisionsofthisAct.
(2)Notwithstandingsubsection(1)above,theBankmayacquire,inthecourseofsatisfactionofdebtsduetoit,anyinterestsorrightsprovidedthatallsuchinterestsorrightssoacquiredcanbepromptlydisposedof.
(3)Bywayofanexceptiontosubsection(1)above,theBankmayissueguaranteesonbehalfoftheGovernment,subjecttocreditworthinessstandardsandundertermsandconditionsdeterminedbytheBank.
11.AuthoritytoissueRegulationsandCirculars
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(1)TheBankshallhavetheauthoritytoissueregulationsandcircularstoenableittofulfilitsresponsibilitiesunderthisActandotherrelevantlegislation.
(2)TheBankshallpublishthetextofeachproposedregulation,togetherwithaconcisegeneralstatementoftheregulationsbasisandpurpose,atleast30daysbeforetheproposedeffectivedatethereof.AnyinterestedpersonmaysubmitcommentsontheproposedregulationtotheBankwithinatimespecifiedbytheBank.
(3)Inpreparingthefinaltextofaregulation,theBankshalltakeintoconsiderationthecommentsmadeinaccordancewithsubsection(2)above.Iftheregulationisissued,theBankshallpublishitsresponsetosuchcomments.Ifthefinaltextoftheregulationdifferssignificantlyfromtheproposedtextpublishedundersubsection(1)abovetheBankshallalsopublishageneralexplanationforthedifference.
(4)Theprovisionsofsubsections(2)and(3)aboveshallnotapplytoaproposedregulationiftheBankdeterminesthatthedelayinvolvedincomplyingwiththeserequirementswouldbeaseriousthreattotheinterestsofthebankingsystem.SuchadeterminationshallbeexplainedinthepreambletotheRegulation.
(5)TheBankmayatanytimepublishcircularsnotinconsistentwiththisAct:
(a)indicatingthemannerinwhichitproposestoexerciseanyofitsfunctionsunderthisActorotherrelevantlaws,orregulationsissuedhereunder
(b)explainingorclarifyinganyprovisionofthisAct,oranyotherrelevantlaworregulation,fortheguidanceofregulatedentitiesincomplyingwiththerequirementsofsuchlaws
(c)indicatinghowtheBankexpectsregulatedentitiestoconducttheirbusinessinordertomeettherequirementsofthisActorotherrelevantlawsorregulationsor
(d)specifyingbusinesspracticesthatshouldnotbeengagedinbyregulatedentitiesbecause,inthejudgmentoftheBank,suchbusinesspracticescouldbedetrimentaltothesoundnessorfinancialstabilityofsuchregulatedentities,orthefinancialsystemasawhole.
(6)IfaregulatedentityorotherpersonsubjecttothejurisdictionoftheBankengagesinbusinesspracticesinconsistentwiththeprovisionsofacircularissuedbytheBank,theBankmaydeemtheregulatedentityorpersonnottobeincompliancewiththeprovisionsoftherelevantlaworregulation,andmayexerciseanyoftheauthoritiesgivenunderrelevantlegislationwithrespecttosuchnoncompliance.
(7)TheBankshallmaintainapublicregisterofallregulationsandcircularsissuedpursuanttothis
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Actandotherrelevantlaws.
13.InternationalCooperation
(1)TheBankshallrepresentSouthSudaninallintergovernmentalmeetings,councilsandorganizationsconcerningmonetarypolicy,regulationandsupervisionofbanksandotherpersonssubjectedbylawtoitsoversight,andtheothermattersthatarewithinitscompetence.
(2)TheBankmayprovidebankingservicesforthebenefitofforeigngovernments,foreigncentralbanksandmonetaryauthorities,andforthebenefitofinternationalorganizationsinwhichitorSouthSudanparticipates.
(3)TheBankmayobtainmembershipininternationalorganizationsthatpursuefinancialandeconomicstability.
(4)TheBankmayundertakeresponsibilitiesandperformtransactionsconcerningtheparticipationofSouthSudanininternationalorganizations.
(5)WithoutprejudicetothenationalinterestsofSouthSudan,theBankshallcloselycooperatewithanyforeignfinancialsupervisoryauthoritiesonthebasisofreciprocitywithrespecttothesupervisionofregulatedentitiesthatoperateinboththeirrespectivejurisdictions.SuchcooperationmaybeformalizedinanagreementbetweentheBankandtheforeignfinancialsupervisoryauthority,andmayincludeexchangewithsuchforeignfinancialsupervisoryauthorityofinformationconcerninganyregulatedentitythatoperatesinboththeirrespectivejurisdictions,providedthattheprincipleofconfidentialityiscompliedwith.
CHAPTERIII
ORGANIZATIONANDADMINISTRATION
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14.Organization
TheBankshallhave:
(a)aBoardofDirectorsasitshighestpolicyanddecisionmakingbody
(b)aGovernor,twoDeputyGovernors,andthreeDirectorsGeneralchargedwithimplementingpoliciesapprovedbytheBoardandwiththemanagementoftheBank
(c)anInternalAuditorresponsibleforassessingtheinternalcontrolsystemapprovedbytheBoardandperformingtheinternalauditoftheoperationsoftheBankand
(d)aChiefFinancialOfficer
(e)aHeadofFinancialSupervisionand
(f)otherstaffassetforthinthisActorapprovedbypoliciesenactedbytheBoard.
15.CompositionoftheBoard
(1)TheBoardshallbecomposedofnine(9)votingmembers,asfollows:
(a)theGovernorasChairmanoftheBoard
(b)thetwoDeputyGovernors,whoshallbedesignatedbytheGovernoras1stDeputyand2ndDeputyGovernorrespectivelyoftheBoard
(c)sixnonexecutivemembers,whoshallnotbeemployeesoftheBank.
(d)TheGovernorandDeputyGovernorsshallbeappointedbythePresident.
(e)TheBoardshallbeproposedbytheGovernorandappointedbythePresident.
(2).TheBoardmembersreferredtointhissubsectionshallbeeligibleforreappointment,unlessagroundforremovalundersection19ofthisActwouldapplytothem.
(3)ThetermsoftheGovernorandDeputyGovernorsshallbefiveyears,exceptthatthetermofthefirstappointedDeputyGovernorsshallbefouryearsandthreeyears,respectively,inordertoestablishstaggeredterms.
(4)ThetermsofthenonexecutivevotingmembersoftheBoardshallbe7years,exceptthatthefirst
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3suchmembersshallbeappointedfor7,4,and2years,respectively,soastoensurethatallnonexecutivememberstermsdonotexpiresimultaneously.
(5)Upontakingoffice,eachmemberoftheBoardshall,beforeassumingtheirduties,takethefollowingoathoraffirmationbeforetherelevantappointingauthority:
I.,doherebyswearbytheAlmightyGod/solemnlyaffirmthatasBoardMemberoftheBank,Ishallbefaithful,andshalldiligentlyandhonestlydischargemyfunctionsanddutiesandshallstrivetoexercisethepowersvesteduponmebythisAct,withintegrityanddignityinthebestinterestofthepeopleofSouthSudanandthatIshallrespectandabidebyalltherules,regulationsandinstructionsthereunderandthatIshallnotwithoutdueauthoritydiscloseormakeknownanyinformation,matterorthingthatcomestomyknowledgebyreasonofmyemploymentintheAuthoritysohelpmeGod
16.FunctionsandPowersoftheBoard
(1)TheBoardshallbechargedwiththeadoptionoftheprincipalpoliciesoftheBankandthesupervisionoftheadministrationandoperationsoftheBank.
(2)Incarryingoutitsfunctions,theBoardshallperiodicallyassessthemonetaryandeconomicsituationinSouthSudan,andshallrequiretheGovernorandotherseniorofficialsoftheBanktoprovidereportstoenabletheBoardtomakesuchassessments.
(3)TheBoardshallhavethefollowingpowers:
(a)toadoptallapplicableregulationsandordersthataretobeissuedbytheBank,andtodeterminetheproceduresfortheissuanceofcircularsbytheBank,pursuanttothisActoranyotherapplicablelaw
(b)toapproveallreportsandrecommendationsthattheBankistomaketotheGovernmentortheAssembly
(c)todecideontheparticipationbytheBankininternationalorganizations
(d)inconsultationwiththeMinisterandtheapprovalofthePresident,todeterminethefacevalueanddesignofbanknotesandcoins,andtheconditionsofanycurrencyrecall
(e)todecideondebtsecuritiesoftheBankandthetermsandconditionsofsuchsecurities
(f)todeterminethecategoriesofassetsthatshallbesuitableforinvestmentoftheforeignexchangereservesandotherresourcesoftheBank
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(g)todeterminethereservesthattheBankshallkeepfromtimetotimeinaccordancewiththeprovisionsofthisAct
(h)toadopttheoperationalpoliciesoftheBankandtheregulationsapplicabletotheadministrationandoperationsoftheBank
(i)todeterminetheorganizationoftheBank
(j)toappointtheInternalAuditoroftheBank
(k)toapprovetheappointmentoftheDirectorsGeneralandotherseniorprofessionalstaffmembersoftheBank
(l)toapprovesubsequentserviceatanotherfinancialinstitutionbytheGovernor,DeputyGovernors,andotherseniorprofessionalstaffmembersuponcompletionoftheirserviceintheBank,inaccordancewithsection31(2)ofthisAct
(m)toestablishandclosesubsidiaries,branchofficesandagenciesoftheBank
(n)todecideonthepurchase,construction,utilizationandsaleofbuildingsandotherpropertybytheBank
(o)toapprovethebudgetoftheBankandthetermsandconditionsofemployment,work,pensionsoftheemployees,andagentsoftheBankotherthanthemembersoftheBoard
(p)todeterminetheaccountingpoliciesoftheBank,providedtheseareconsistentwithInternationalFinancialReportingStandards,aswellastheinternalcontrolsandtheriskmanagementpoliciesoftheBank
(r)toadopttheannualreportsandfinancialstatementsoftheBank
(s)toestablishspecialreservesonthebooksoftheBank,toapprovethenetprofitandlossoftheBank,andtodecidewhatamountofanysuchnetprofitshallbetransferredtoanyreserveand
(t)toexercisesuchotherpowersasshallbegrantedtotheBoardbythisAct.
(4)TheBoardshallbeconsultedonanyproposalswithrespecttomattersthatrelatetoitsobjectivesorthatotherwisearewithinitsfieldsofcompetence,beforetheyaresubmittedtotheAssembly.
17.ConditionsforMembershipontheBoard
MembersoftheBoardshallfulfillthefollowingeligibilityrequirementsfortheappointment:
(a)beapersonofrecognizedintegrity
(b)haveadegreeofhighereducationorextensiveworkexperienceineconomics,banking,finance,
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accountingorlaw
(c)notbesubjecttoanygroundsforremovalpursuanttoparagraphs(b)through(e)ofsubsection19(1)
(d)notbeanemployeeoftheBankotherthantheexecutivemembersspecifiedbythisAct
(e)notbeashareholder,memberoftheboardofdirectors,ormemberofseniormanagement,oranysimilarbody,ofanyregulatedentitysubjecttothesupervisionoftheBankbylaw
(f)notbeamemberoftheCouncilofMinistersoraMemberoftheNationalLegislatureand
(g)notbeanemployeeoftheGovernmentifthatemploymentrelationshipcouldcompromisehisabilitytocarryouthisdutiesunderthisAct.
18.RemunerationofMembersoftheBoard
(1)RemunerationfornonexecutivemembersoftheBoardshallbedeterminedbytheGovernorinconsultationwiththeMinisterandapprovedbytheCouncilofMinisters.
(2)RemunerationoftheGovernor,theDeputyGovernors,andtheDirectorGeneralforSupervision,Research,andStatisticsshallconsistoftheamountpaidtononexecutivemembersinsubsection(1)above,plusanadditionalamountdeterminedbyaresolutionoftheBoard.TheexecutivemembersoftheBoardshallnottakepartinthediscussionorvotingonthequestionoftheirremuneration.TheBoardmayadoptadditionalproceduresdesignedtoavoidconflictsofinterestonthepartoftheexecutivememberswhendeterminingtheremuneration.
(3)OncemembersoftheBoardhavebeenappointedorreappointedtoaterm,theircompensationandotheremolumentsmaynotbereducedduringthetermofappointment.
(4)MembersoftheBoardmay,withapprovaloftheGovernor,bepaidasittingallowanceandreasonabletravelexpenses.
19.RemovalofBoardMembers
(1)AmemberoftheBoardmayberemovedfromofficebythePresidentofSouthSudanonlyif:
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(a)theconditionsofsection17ofthisActarenolongersatisfied
(b)hehasbeenconvictedofanoffenseforwhichhewasorcouldhavebeensentencedtoimprisonment,unlesssuchoffensewasmotivatedbyhisreligiousorpoliticalviewsoractivities
(c)hehasbeendeclaredbankruptorunabletopayhisdebtsbyacourtdecision
(d)duringtheimmediatelyprecedingfiveyears,hisactions,jobperformance,orbreachoffiduciarydutyasamemberoftheboardofdirectors,seniormanagementorinanysimilarcapacity,contributedtoacompanybeingsubjecttobankruptcy,conservatorshiporreceivership,orequivalentlegalproceedings
(e)hehas,ongroundsofpersonalmisconduct,incompetence,orviolationsoflegalorregulatoryprovisionsoranycodeofconduct,beenremovedorsuspendedfromduty,orsuspendedorprohibitedfrompracticingaprofession,byacompetentauthority
(f)hehasbeenunabletoperformthefunctionsofhisofficeformorethansixmonthsbecauseofaninfirmityofbodyormind
(g)duringmembershipoftheBoardhasengagedinsignificantviolationsofanydutyimposedbythelaw,orhasengagedinpartisanpoliticalactivities,orhasengagedinseriousmisconductordemonstratedgrossincompetenceintheoffice,substantiallyprejudicingtheinterestsoftheBankor
(h)hehasbeenabsentwithoutgoodcausefromthreesuccessivemeetingsoftheBoard.
(2)Intheeventofthediscoveryofanyofthecircumstancessetforthinsubsection(1)above,theGovernorshallnotifytheBoardandthePresidentinwritingandshallincludehisrecommendationastowhetherthememberinquestionshouldberemovedfromtheBoard.IntheeventthatthecircumstancespertaintotheGovernor,suchnotificationandrecommendationshallbemadebytheSeniorDeputyGovernor.IntheeventthatthecircumstancespertaintoboththeGovernorandtheSeniorDeputyGovernor,suchnotificationandrecommendationmaybemadebytheMinisterorbyanymemberoftheBoard.
(3)Theproceduresforthesubmissionofrecommendationsinaccordancewithsubsection(2)ofthissectionshallbedeterminedbytheBoardandshallgivetheaffectedmembertheopportunitytosubmitrepresentationsonthematter.
(4)ThedecisiononthequestionofremovalofaBoardmembershallliewiththePresident.
20.ResignationofBoardMembers
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MembersoftheBoardmayresignfromtheirpositionsbywrittennoticetothePresidentofSouthSudan:
(a)inthecaseoftheGovernororDeputyGovernors,notlessthanthreemonthsinadvance
(b)inthecaseofanyothermemberoftheBoard,notlessthanonemonthinadvance,orsuchshorterperiodoftimeasthePresidentmaydeemnecessary.
21.VacanciesontheBoard
AnyvacancyontheBoardshallbefilledbytheappointmentofanewmemberoftheBoardinaccordancewithsection15ofthisActtoservetheremainingperiodofthetermofthemembertobereplaced.
22.MeetingsoftheBoard
(1)TheGovernorshallpresideatallmeetingsoftheBoardandintheabsenceoftheGovernor,theSeniorDeputyGovernorshallpreside.IntheabsenceofboththeSeniorDeputyGovernor,theotherDeputyGovernorshallpreside.
(2)TheBoardshallmeetforthedischargeofitsfunctionsasoftenasbusinessrequires,andinanycasetheBoardshallmeetatleastfourtimesinayearandtheGovernormayconveneameetingwhenevertwovotingmembersrequestforameeting.
(3)ThequorumatanymeetingoftheBoardshallbebyasimplemajorityofvotingmembers,includingeithertheGovernororatleastoneoftheDeputyGovernorsorapersonpresidingatthemeeting.
(4)AdecisiononaquestionproposedatanymeetingoftheBoardshallbedeterminedbyasimplemajorityofthevotesofthememberspresentandvotingandinthecaseofequalityofvotes,thepersonpresidingshallhaveanadditionaltiebreakingvote.
(5)TheBoardmayinviteanynumberofpersonstoattendanyofitsmeetingsasconsultantoradviser.
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(6)NoactorproceedingsoftheBoardshallbeinvalidatedbyreasononlyoftheexistenceofavacancyamongthemembersoftheBoard.
(7)AllactsdonebyanypersoningoodfaithasamemberoftheBoardshallbevalidnotwithstandinganydefectinhisorherappointment.
(8)InallothermattersnotprovidedforunderthisAct,theBoardmaydetermineitsownprocedures.
23.Proceedings,Minutes,andDecisionsoftheBoard
(1)TheproceedingsofthemeetingsoftheBoardshallbeconfidential.TheBoardmaydeclaretomaketheoutcomeofallorpartofitsdeliberationspublic.
(2)ThereshallbeminutesofeachBoardmeetingsignedbythepersonpresidingatthemeeting,andbytheSecretaryoftheBoard.MinutesshallbeapprovedbythefullBoard.Summariesofsuchminutesshallbepublishedwithin1monthofsuchapproval.
(3)TheSecretaryoftheBoardshallbeappointedbytheGovernorfromamongtheseniorstaffoftheBanktheSecretaryshallnotbeamemberoftheBoard.
(4)DecisionsoftheBoardshallberecordedandissuedtotherelevantbodiesoverthesignatureoftheChairmanpresidingattheBoardmeetingthatadoptedthedecision,andshallbepublishedwithoutdelay.
24.AuditCommitteeoftheBoard
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(1)TheBoardshallappointanAuditCommittee,whichshallconsistofthreenonexecutivevotingmembersoftheBoard.TheAuditCommitteeshallselectoneofitsmemberstoserveasChairpersonoftheAuditCommitteeinaccordancewiththeCharteroftheAuditCommitteeapprovedbytheBoard.
(2)TheAuditCommitteeshallassisttheBoardinfulfillingitsoversightresponsibilitiesformattersrelatingto:
(a)theintegrityoftheBanksfinancialstatements
(b)theBankscompliancewithlegalandregulatoryrequirements
(c)theannualexternalauditoftheBankand
(d)theperformanceoftheBanksInternalAuditDepartment.
(3)Toperformitsfunctionsundersubsection(2)above,theAuditCommitteeisauthorizedto:
(a)ReviewtheannualfinancialstatementsoftheBankbeforethestatementsareapprovedbytheBoard
(b)ReviewsuchotherfinancialreportsoftheBankastheBoardorAuditCommitteemaydeemnecessary
(c)Review,evaluate,andmakerecommendationsregardingtheapprovaloftheaccountingpoliciesandinternalcontrolsfortheBankbeforetheyareapprovedbytheBoard
(d)OverseetheimplementationandmaintenanceoftheaccountingpoliciesandinternalcontrolsoftheBank
(e)MeetwiththeInternalAuditorandGovernororDeputyGovernorstodiscusstheeffectivenessoftheinternalcontrolsoftheBank
(f)ReportitsfindingsregardingtheaccountingpoliciesandinternalcontrolstotheBoard,andrecommendanychangesitdeemsnecessary
(g)MakerecommendationstotheBoardregardingtheappointment,replacement,ordismissaloftheInternalAuditorandmembersoftheseniorstaffoftheInternalAuditDepartment
(h)MakerecommendationstotheBoardconcerningtheappointmentoftheexternalauditfirmfortheBank
(I)meetwiththeexternalauditorandAuditorGeneraltodiscusstheannualauditoftheBank
(j)Authorizeinvestigationsintoanymatterswithinitsscopeofresponsibility
(k)Retainindependentcounsel,accountants,orotherstoadvisethecommitteeorassistintheconductofaninvestigationand,
(l)performothertasks,relatedorincidentaltotheabove,asdeterminedbytheBoard.
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(4)TheAuditCommitteeshallmeetregularlyatleastfourtimesperyear,andmayconveneadditionalmeetingsascircumstancesrequire.ThesemeetingsmaybeinexecutiveoropensessionattheCommitteesdiscretion.Meetingagendasshallbepreparedinadvanceandminutesshallbekept.
25.OtherCommittees
TheBoardmayestablishothercommitteestoassistitwithitsfunctionsunderthisAct.
26.PowersandDutiesoftheGovernor
(1)AllpowersthatarenotspecificallyreservedfortheBoardortheInternalAuditorshallbevestedintheGovernor.Withinthelimitationofhispowers,theGovernorshallhavetheauthoritytotakeallactionsrequiredfortheadministrationandoperationsoftheBank.
(2)TheGovernor,withtheapprovaloftheBoard,maydelegatesomeorallofhispowerstoeitheroftheDeputyGovernorsorothereligibleemployeesoragentsoftheBank.TheBankshallmaintainanuptodatelistofitsauthorizedsignatoriestogetherwithadescriptionoftheirauthorityandshallpublishthelist.
(3)IftheGovernorisabsentorotherwiseunabletoact,theSeniorDeputyGovernorshallcarryoutthefunctionsoftheGovernorandexerciseallthepowersoftheGovernor.
(4)TheGovernorshallberesponsibletotheBoardfortheexecutionofdecisionsoftheBoardandforthedirectionandcontroloftheadministrationandoperationsoftheBank.Tothatend,theGovernorshallreporttotheBoard,notlessthanonceeverycalendarquarter,on:
(a)theadministrationandoperationsoftheBank
(b)theconductofitsmonetaryandregulatorypolicies
(c)thesoundnessofthefinancialsystemincludinginparticularthebankingandpaymentsystemsofSouthSudan
(d)thestateofthemoney,capitalandforeignexchangemarketsand
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(e)anyeventsorconditionsthat,intheopinionoftheGovernor,arelikelytohaveasignificanteffectontheadministrationoroperationsoftheBank,theconductofitspolicies,thefinancialsystemofSouthSudan,orthebeforementionedmarkets.
(5)TheGovernorshallensurethattheBoardshalltimelyreceiveallsuchinformationastheBoardshallrequireforthesupervisionoftheadministrationoroperationsoftheBank.
27.InternalAuditorandInternalAuditDepartment
(1)AnInternalAuditoroftheBankshallbeappointedforatermoffiveyearsbytheBoard,fromcandidateswhoareprofessionallyqualifiedaccountants,andwhootherwisemeetthecriteriathatapplytomembersoftheBoardsetforthinsection17above,exceptthattheInternalAuditorshallbeafulltimeemployeeoftheBank.TheInternalAuditorshallbeeligibleforreappointment.
(2)TheInternalAuditorshallheadtheInternalAuditDepartmentoftheBank.
(3)TheInternalAuditorshallreporttotheBoard,throughtheAuditCommittee.
(4)TheInternalAuditormayberemovedfromhispositionbytheBoardonthesamegrounds,andthroughthesameprocedures,setforthinsection19above,thatapplytomembersoftheBoard,exceptthat:
(a)arecommendationforsuchremovalmaybemadebyanymemberoftheBoardand
(b)thedecisiontoremovetheInternalAuditorshallbemadebymajorityvoteoftheBoardratherthanbythePresident.
(5)TheseniorstaffoftheInternalAuditDepartmentshallbeappointedanddismissedbytheInternalAuditorwiththeconsentoftheAuditCommittee,inaccordancewithpoliciesandproceduresapprovedbytheBoardwiththeadviceoftheAuditCommittee.OtherstaffmembersoftheInternalAuditDepartmentshallbeappointedanddismissedinaccordancewithpoliciesapprovedbytheBoard.
(6)TheInternalAuditorandtheInternalAuditDepartmentshallhavetheduty:
(a)toadvisetheBoardontheeffectivenessoftheriskmanagementpoliciesapprovedbytheBoard
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(b)toperformcontinuousaudits,inaccordancewithinternationalstandardsofinternalauditing,oftheadministrationandoperationsoftheBank,inordertoassisttheBoardwithsupervisingobservanceofthelawsandregulationsthatapplytotheBank
(c)toaudit,andtosubmittotheBoard,throughtheAuditCommittee,reportsandrecommendationsontheaccountsandRecordsaswellastheaccountingproceduresandinternalcontrolsandbudgetsoftheBank
(d)toformulateaCodeofConductfortheInternalAuditDepartmentstaff,makerecommendationstotheBoardregardingitsadoption,periodicreviewandanyappropriateamendments,andensureitsimplementation
(e)tomonitortheproperimplementationofthedecisionsoftheBoard,theGovernorandDeputyGovernors
(f)topresenttotheBoardsuchreportsandstudiesastheBoardshallrequestforthesupervisionoftheadministrationoroperationsoftheBankand
(g)tocarryoutanyotherassignmentanddutygiventotheInternalAuditorbytheBoardortheAuditCommittee.
(7)TheInternalAuditororamemberoftheInternalAuditstaffdesignatedbytheInternalAuditorshallhavetherightattendmeetingsoftheBoardandAuditCommittee.
28.PowersoftheInternalAuditDepartment
(1)Theemployeesoftheinternalauditunithavetherightto:
(a)examinealldocumentsoftheBank
(b)monitortheworkoftheBankateachstagewithoutrestrictionsand,
(c)requireexplanationsfromtheemployeesoftheBankconcerningdeficienciesanderrorsdiscoveredintheirwork,andtheeliminationofsuchdeficiencies.
(2)StaffoftheBankareobligedtoprovideemployeesoftheInternalAuditDepartmentwiththedocumentsandexplanationsreferredtheretointhissection.
29.ProfessionalStaff,otherEmployeesandAgents
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(1)UnlessotherwiseprovidedbythisAct,theGovernor,inconsultationwiththeBoardandDeputyGovernors,shallappointanddismissmembersoftheseniorprofessionalstaffoftheBank.Seniorprofessionalstaffmembersshallinclude,ataminimum,thethreeDirectorsGeneralandtheofficialsdenotedinsubsections(d)through(e)ofsection14above
(2)OtheremployeesoftheBankshallbeappointedanddismissedinaccordancewithpoliciesapprovedbytheBoard.
(3)Nosalary,fee,wage,orotherremunerationorallowancepaidbytheBankshallbecomputedbyreferencetonetprofitorotherrevenuesoftheBank.
(4)Allsalaries,fees,wages,orotherremunerationsorallowancespaidbytheBankshall,tothemaximumextentpracticable,becomparabletoprevailingratesforsimilarworkdoneinthelocalitywheretheworkisdonebypersonshavingsimilarskillsandexperiencesasthosepersonswhoaretobepaidbytheBank.
(5)TheBoardshalladoptpoliciestoregulatetheemployeesworkandemploymentconditionsattheBank.
(6)TheBankmayengageagentstoperformtasksonbehalfoftheBank,anddeterminetheirremuneration,inaccordancewithpoliciesapprovedbytheBoard.
(7)TheBankmay,inaccordancewithtermsandconditionsapprovedbytheBoard:
(a)establishstaffretirementfundsorsimilararrangementsforthebenefitorprotectionofitsemployeesandtheirdependentsandnominees,andmakecontributionstowardsthecostsassociatedwithsucharrangements
(b)establishacreditprogramforitsemployeesandmembersoftheirfamilies.
(8)TheHeadoftheLegalAdministrationattheBankshallbedeployedbytheMinisterofJustice,inconsultationwiththeBoardoftheBank.
30.LimitationsonCreditbyBankOfficialsandStaffMembers
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DuringtheiremploymentbytheBank,theofficialsandstaffoftheBankshallnotreceivecreditfromanybankorotherregulatedentitysubjecttotheoversightoftheBank,exceptinaccordancewithpoliciesapprovedbytheBoard.
31.ConflictsofInterest
(1)TheGovernor,theDeputyGovernors,theInternalAuditor,andseniorprofessionalstaffoftheBankshalldevotethewholeoftheirprofessionalservicestotheBank,andnoneofthemshalloccupyanyotherofficeoremployment,whetherremuneratedornot,exceptasnomineeoragentoftheBank,orinaneducationalcapacity,inaccordancewithpoliciesapprovedbytheBoard.
(2)NoformerGovernor,DeputyGovernor,InternalAuditor,orothermemberoftheseniorprofessionalstaffoftheBankshallserveinanycapacityataregulatedentityduringaperiodofoneyearfollowingtheirdeparturefromtheBank,withoutthepriorwrittenapprovaloftheBoard.
(3)NomemberofthestaffoftheBankshallsimultaneouslyhaveotheremployment,whethergainfulornot,exceptinaccordancewithpoliciesapprovedbytheBoard.
(4)NoGovernor,DeputyGovernor,officerormemberofthestaffoftheBankshallacceptanygiftorcreditforhimself,oronbehalfofanypersonwithwhomhehasfamily,businessorfinancialconnections,iftheacceptancethereofwouldresult,indiminishinghisimpartialdevotiontohisduties.
(5)MembersoftheBoard,theGovernor,DeputyGovernors,InternalAuditorandanyseniorofficialsoftheBankshall,uponassumptionoftheirofficesandannuallythereafter,makeconfidentialdeclarationoftheirassets,liabilitiesandbusinessandfinancialinterestsincludingthoseoftheirspousesandchildren.
(6)TheBoardshalladoptmorespecificpoliciesgoverningconflictsofinterestrelatingtotheofficialsandstaffoftheBank.
32.Secrecy
(1)Anyinformationfromwhichanindividualorbodymaybeidentifiedandthatisacquiredby
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theBoardinthecourseoftheperformanceofitsfunctionsortheexerciseofitspowersunderthisActoranyotherapplicablelawshallberegardedasconfidentialbytheBoardanditsemployees.
(2)Noinformationofthetypereferredhereundertheprovisionsofsubsection(1)above,maybedisclosedwithouttheconsentofthepersonandorbodydulyauthorizedandordelegatedbytheBoardthereof,excepttotheextentthatitsdisclosureisexpresslyauthorizedorrequiredbyorunderthisActoranyotherapplicablelaworwhereitappearstotheBoardtobenecessary:
(a)toenabletheBoardtoperformanyofitsfunctionsandexerciseanyofitspowersunderthisActoranyotherapplicableact
(b)intheinterestsoftheinvestigation,detection,preventionorprosecutionofcrime
(c)inconnectionwiththedischargeofanyinternationalobligationtowhichSouthSudanmayfromtimetotimebesubject
(d)toassist,inthepublicinterest,anyauthoritythatappearstotheBoardtoexercise,inaplaceoutsideSouthSudan,functionscorrespondingtosomeorallofthoseoftheBoardwithinoroutsideSouthSudanor
(e)tocomplywiththedirectionsofanydivisionofanyCourt.
(3)Withoutprejudicetotheprovisionofsubsections(1)and(2)above,anyinformationcommunicatedtotheBoardbyacommitteeoftheGovernmentshallberegardedasconfidentialifthatcommitteeoftheGovernmentsorequests,andshallbekeptconfidentialbytheBoardanditsmembersandemployeesandnosuchinformationshallbedisclosedexceptincompliancewiththedirectionofanydivisionofanycourt.
(4)Apersonshallnot,foraperiodofoneyearafterheceasestobeamemberoftheBoard,acquire,holdormaintain,directlyorindirectly,anyoffice,employment,consultancyarrangementorbusinessinSouthSudanwherehemaybeliabletouseordiscloseinformationacquiredbyhimintheexercise,performanceanddischargeofthepowers,dutiesandfunctionsoftheBoard,andifheacquiresanysuchinterestsinvoluntarilyorbywayofsuccessionortestamentarydisposition,heshalldivesthimselforherselfofsuchinterest,withintwomonthsoftheacquisitionofsuchinterest.
(5)Whoeverdisclosesinformationorcausesorpermitsthedisclosureofinformationinamannerwhichheknowsorhasreasonablecausetobelieveisincontraventionoftheprovisionsofsubsections2and4aboveshallbeguiltyofanoffenceanduponconvictionshallbesentencedtoimprisonmentforaperiodnotexceedingsixmonthsorafinenotexceedingTenThousandSouthSudanesepounds,orboth.
CHAPTERIV
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FINANCIALAFFAIRS
33.Capital
(1)TherequiredcapitaloftheBankshallbe15millionSouthSudanesepounds,whichshallbewhollyprovidedbythe[Government/State],orsuchhigheramountasshallresultfromallocationsfromnetprofitspursuanttosection36below.
(2)TheentireinitialrequiredcapitaloftheBankshallbefullypaidupincashorcashequivalentswithintwoweeksfromthedateonwhichthisActentersintoforce.ThemethodofpaymentoftheinitialrequiredcapitalshallbedeterminedbytheMinister.
(3)TheBankanditscapitalshallbeownedbytheState,andsuchcapitalshallnotbesubjecttolienortoencumbrance.
34.ReservesoftheBank
(1)TheBankshallestablishaGeneralReserveforthepurposeofcoveringpossiblelossesthathavenotbeenspecificallyidentified.TheGeneralReserveshallbeusedonlytocoveracapitaldeficiency.
(2)TheBankmayestablishadditionalreservesforspecificpurposesbyunanimousdecisionoftheBoard.
35.CalculationofnetProfitornetLossoftheBank
Foreachfinancialyear,thenetprofitorthenetlossoftheBankshallbecalculatedinaccordancewithInternationalFinancialReportingStandardsasthesumofnetoperatingrevenuesorlosses(includingrealizedgainsandlosses)andnetunrealizedvaluationgainsorlosses,andaftermakingprovision:
(a)forbadanddoubtfuldebts,depreciationofassets,andcontributionstothestaffretirement
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fundand
(b)subjecttotheapprovaloftheMinister,forsuchotherpurposesastheBankmaydeemnecessary.
36.AllocationofNetProfit
(1)IftheBankhasanetprofitforanyfinancialyear,thenetprofitshallbeallocatedandusedinthefollowingorderofpriority:
(a)tothecapitalaccountoftheBankinsuchamountasshallberequiredtoincreasethecapitaloftheBanktoalevelequivalenttofivepercentoftheaggregateamountofmonetaryliabilitiesshownonthebalancesheetoftheBankfortheendofthatfinancialyear
(b)anallocationfromnetprofitshallbemadetoredeemsecuritiesissuedbytheStatepursuanttosection38ofthisActandheldbytheBank
(c)intheeventthereisremainingnetprofitaftertheallocationsreferredtoinparagraphs(a)and(b)above:
(i)50%shallbeallocatedtotheGeneralReservemaintainedbytheBankinsuchamountasshallberequiredtoincreasetheamountoftheGeneralReservetoalevelequivalenttotheamountoftherequiredcapitaloftheBank
(ii)theremaining50%shallbeallocatedfirsttoanyotherreserveforspecificpurposesestablishedbyunanimousdecisionoftheBoardoftheBankinaccordancewithsubsection34(2)
(iii)anyresidualnetprofitaftertheallocationreferredtoinsubparagraph(ii)aboveshallbetransferredtotheGovernmentwithinfourmonthsaftertheendofthefinancialyear,andresidualnetunrealizedvaluationgainsifanyshallbeallocatedtoaValuationReserveAccountmaintainedonthebalancesheetoftheBank.
(2)Theallocationsfromnetprofitreferredtoinparagraphs(a)through(c)ofsubsection(1)aboveshallbedeemedtohavebeenmadeentirelyfromnetoperatingrevenues.Ifnooperatingrevenuesareincludedinnetprofit,oraftersuchallocationshaveexhaustednetoperatingrevenuesincludedinnetprofit,suchallocationsshallbecalculatedasifmadefromnetunrealizedvaluationgains.
(3)ForthepurposesofthisAct,theaggregateamountofthemonetaryliabilitiesoftheBankshallbethesumof:
(a)alloutstandingbanknotes,coinsanddebtsecuritiesissuedbytheBankand
(b)thecreditbalancesofallaccountsmaintainedonthebooksoftheBankbyaccountholders.
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37.AllocationofNetLoss
IftheBankincursanetlossforanyfinancialyear,thenetlossshallbeallocatedasfollows:
(a)ifthenetlossiscomposedofnetoperatinglossesandnetunrealizedvaluationlosses,theamountofnetoperatinglossesshallbechargedtotheGeneralReserveortocapitalinthatorder,andtheamountofnetunrealizedvaluationlossesshallbeallocatedtotheValuationReserveAccountor,totheextentthatthebalanceoftheValuationReserveAccountwouldbenegativeasaresultofsuchallocation,totheGeneralReserveortocapitalinthatorder
(b)ifthenetlossisthesumofnetoperatingrevenuesandgreaternetunrealizedvaluationlosses,thenetlossshallbeallocatedtotheValuationReserveAccountor,totheextentthatthebalanceoftheValuationReserveAccountwouldbenegativeasaresultofsuchallocation,totheGeneralReserveortocapitalinthatorderor,
(c)ifthenetlossisthesumofanetoperatinglossandsmallernetunrealizedvaluationgains,thelossshallbechargedtotheGeneralReserveortocapitalinthatorder.
38.CoverageofShortfallsinCapital
Whenever,ononeofitsmonthlyproformabalancesheetspreparedpursuanttosection76(3)below,thevalueoftheBanksassetsfallsbelowthesumofitsliabilitiesandrequiredcapital,theMinistershall,withintwomonthsaftersubmissionofthenotificationtothePresidentandAssemblyasrequiredbysection76(4)below,provideSouthSudanesepoundsordebtsecuritiesissuedbytheGovernmentatamarketrateofinterestinsuchamountoramountsasshallbenecessarytoremedythisdeficit.
CHAPTERV
MONETARYUNIT,BANKNOTESANDCURRENCY
39.MonetaryUnit
ThecurrencyofSouthSudananditsmonetaryunitistheSouthSudanesepound,thesymbolofwhichshallbeSSP.TheSouthSudanesepoundshallbeissuedandputintocirculationbytheBank.
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40.IssueofBanknotesandCoins
(1)TheBankshallhavetheexclusiverighttoissuebanknotesandcoinsintendedforcirculationinSouthSudan.Nootherpersonshallissuecurrencynotes,banknotesorcoins,oranydocumentsthatare,intheopinionoftheBank,likelytopassaslegaltender.
(2)BanknotesandcoinsissuedunderthissectionshallbeafirstchargeontheassetsoftheBank.
(3)BanknotesandcoinsissuedbytheBankandintendedforcirculationinSouthSudanarenotpromissorynotes,billsofexchange,oranyothertypeofcommercialdocumentsunderthelegislationofSouthSudan,andtheBankisobligatedonandwithrespecttothemonlyasprovidedbythisChapter.
(4)AnyreferenceinthisActtobanknotesorcoinsistobanknotesorcoinsintendedforcirculationinSouthSudan,issuedortobeissuedpursuanttothisChapterbytheBank.
41.FunctionsoftheBankRegardingCurrency
(1)TheBankshalldirectlyadministerthecurrencyreserveinventoryandensureanadequatesupplyofbanknotesandcoinsasneededtomeetthecurrencyrequirementsoftheeconomyofSouthSudan.Tothisend,theBankshall:
(a)arrangefortheprintingofnotesandthemintingofcoinsandsecurekeepingandsafetyofthesame
(b)issuebanknotesandcoinsinitsofficesandsuchagenciesastheBankmayfromtimetotimeestablishorappointitmayreissueorreplacethesameatsuchplaces
(c)arrangeforcancellationanddestructionofnotes,orthecutting,breakingordestructionofcoinswithdrawnfromcirculationaccordingtosection45beloworfoundbytheBanktobeunfitforuse.
(2)ThereshallvestintheBankanyforeignexchangeconfiscatedinSouthSudanorwhichisthesubjectmatterofjudicialdecisionorsettlementsubjecttothelawsinforce.
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(3)Creation,possession,ordistributionofcounterfeitmoneyshallbepunishableassetbyapplicablelaw.FacilitiesforidentificationofcounterfeitmoneyshallbeprovidedbytheBank.ProceduresgoverningsubmissionforanalysisandpossiblesubsequentreferraltotheauthoritiesforcriminalprosecutionshallbepursuanttoaregulationoftheBank.
42.CurrencyFeatures
TheBank,inconsultationwiththeMinisterandwiththeapprovaloftheCouncilofMinistersshalldeterminethedenomination,measures,form,material,content,weights,designs,andotherfeaturesofbanknotesandcoins.BanknotesshallbearthesignatureoftheGovernoroftheBankandtheMinister.
43.UnfitCurrency
(1)Unfitcurrencyshallbedemonetized.Subjecttosubsection(2)below,theBankshallwithdraw,destroy,andreplaceanyunfitcurrencypresentedtoitwithcurrencyofanequivalentamount.
(2)TheBankmaydeclinetoreplaceanyunfitcurrency.Suchcurrencyshallbewithdrawnanddestroyedwithoutindemnitytotheowner,exceptthat,inspecialcases,theBankmaygrantcompensationinwholeorinpart.
(3)NopersonshallbeentitledtorecoverfromtheBankthevalueofanylost,stolen,orunfitcurrencyexceptpursuanttoaregulationoftheBank.Thecircumstanceinwhich,andtheconditionsandlimitationssubjecttowhich,thevalueofunfitcurrencymayberefundedshallbewithintheabsolutediscretionoftheBank,andsetforthinaregulationoftheBank.
(4)TheBankmayconfiscatewithoutcompensationanyunfitcurrency.
(5)EveryofficeremployedinthecollectionofrevenueinSouthSudanshallforwardtotheBankanycurrencypaidtotheofficerthathesuspectsofbeingunfitorcounterfeit.
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44.AccountingTreatmentofCurrencyIssued
CirculatingbanknotesandcoinsshallbetreatedintheaccountsoftheBankasaliabilityoftheBanksuchliabilityshallnotincludebanknotesandcoinsinthevaultsoftheBank.
45.CurrencyRecall
(1)TheBankmaydecidetocallinandwithdrawfromcirculationbanknotesorcoins,byissuinginexchangethereforeotherbanknotesorcoinsinequivalentamounts.TheprocedureforsuchrecallshallbedeterminedbytheBankandshall:
(a)specifythelocation,dateandhoursduringwhichthebanknotesorcoinsmustbepresentedforexchange
(b)provideforthedeterminationandtreatmentofanycounterfeitmoneypresentedforexchange
(c)ifdeemedappropriatebytheBank,setrequirementsandconditionsastoproperidentificationofpersonspresentingbanknotesorcoinsforexchangeandfordocumentationofexchangetransactionsand
(d)provideforallothermattersrelatingtotheexchangeproceduredeemedappropriatebytheBank.
(3)Attheendoftheexchangeperiodreferredtoinsubsection(1)above,oratanyothertimespecifiedbytheprocedure,banknotesandcoinscalledinforexchangeshallbedemonetizedandceasetobelegaltender.Anynewbanknotesorcoinsissuedinconnectionwithacurrencyrecallasprovidedinthissectionshallbefullyredeemableinthesamemanner,andtothesameextent,aswerethebanknotesorcoinssubjecttotherecall.
CHAPTERVI
LEGALTENDER46.SouthSudanesePoundasLegalTender
Atenderofpaymentofmoneyisalegaltenderifmadeinbanknotesorcoins.Banknotesandcoinsshall
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beaccepted,fortheamountoftheirdenominationinthecurrencyofSouthSudan,inpaymentofallpublicandprivatedebtsinSouthSudan.
47.PublicAccountsandCompulsoryPayments
(1)Allpublicbudgets,financialRecordsandaccounts,requiredbyanylawof,andestablishedormaintainedinSouthSudan,shallbeorbeassessedinSouthSudanesepounds.PaymentofmoneywhenrequiredinanyindictmentorotherlegalproceedingsotherthanfortheenforcementofaforeigncurrencyobligationshallbestatedinSouthSudanesepounds.
(2)CompulsorypaymentsshallbeassessedandrequiredtobepaidinSouthSudanesepounds.Compulsorypaymentmeansanypaymentmadetoorbyapublicauthorityotherthanunderacontractoranyothervoluntarytransaction.Itincludesthepaymentoftaxes(eitherdirectorindirect),customdues,excise,levies,fees,chargesandpenalties,aswellasanypaymenttopublicutilities,paymentaccordingtoacourtorder,orpaymentprescribedbylaw.
48.SumsMentionedinLaws,Valuation,andConversion
(1)Anysummentionedinlegislation,includinglegislationpassedbytheformerGovernmentofSouthSudan,unlessitisotherwiseexpressed,shallbeconstruedasbeinginSouthSudanesepounds.
(2)Whereanylaworanyconvention,contractoragreementtowhichSouthSudanisapartydoesnotprovideforthemannerofconversiontothecurrencyofSouthSudan,theBankmaymakeregulationsspecifying,orspecifyingthemeansormethodofascertaining,determiningorcalculating,theequivalentSouthSudanesepoundvalueofthatforeigncurrency.
(3)Forthepurposesoftheadministration,applicationandoperationofthelawsrelatingtothecustoms,taxobligations,oranyotherpayments,theBankmayinaccordancewithregulations,specifyorspecifythemeansormethodofdeterminingorcalculating,theequivalentSouthSudanesepoundvalueofcurrenciesofcountriesotherthanSouthSudanforadayoranylongerperiodorgenerally.
(4)Incaseofadecisionwithregardtocurrencyredenominationinaccordancewiththislaw,allRecords,accounts,obligations,debts,pricequotations,andreferencesinotherlegislation,willreadtoberedenominatedaccordingtotheexchangerateoftheredenomination.
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49.DesignationofPricesforGoodsandServices
PricesforallgoodsandservicesinSouthSudanshallbedenominatedinSouthSudanesepounds.
50.FreedomofCurrency
(1)Notwithstandingsection49above:
(a)whereallpartiestoaprivatecontractoranyothervoluntaryprivatetransaction,includingpartiestoabill,note,instrumentorsecurityformoney,areresidentsofSouthSudan,thepaymentobligationrelativetosuchcontractortransactionshallbedenominatedinSouthSudanesepounds
(b)whereoneofthepartiestoaprivatecontractortransactionreferencedinsubsection1(a)aboveisanonresidentofSouthSudan,thepartiesmaydenominatethepaymentobligationinanycurrencyagreedupon.
(2)Anagreementofthepartiesundersubsection1(b)abovemaybeexpressorimpliedfromsurroundingcircumstancesincludingcourseofdealing,usageoftrade,orcourseofperformance.
(3)Ifthereisnocontraryagreementbythepartiesassetforthinsubsections(1)or(2)above,everycontract,sale,payment,bill,note,instrumentandsecurityformoney,andeverytransaction,dealing,matterandthingrelatingtomoneyorinvolvingthepaymentofortheliabilitytopaymoney,shallbedeemedtobemade,executed,enteredinto,doneorcarriedoutinSouthSudanesepounds.
51.EnforcementofForeignCurrencyPaymentObligations
Aforeigncurrencyobligationmaybeenforcedaccordingtoitsterms.Inanyjudicialproceedingtoenforceanysuchobligation:
(a)wheresuchobligationprovidesforamannerofconversiontoSouthSudanesepounds,thecourtshallgiveeffecttothemannerofconversioninsuchobligation
(b)thecourtmayrequirepaymentofanamountinSouthSudanesepoundssufficienttopurchasetheamountoftheobligationinsuchforeigncurrency
(c)theamountreferencedinparagraph(b)shallbecalculatedbyabankinSouthSudanatthe
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closeofbusinessonbusinessdaypriortothedaypaymentoftheobligationistobereceivedbythecreditor
(d)ifthecourtissatisfiedthatconversionasreferencedinparagraphs(b)and(c)abovewouldbeinequitabletobothparties,itmayrequirepaymentofanamountinSouthSudanesepoundssufficienttopurchasetheamountofthe
obligationintheforeigncurrencyatabankinSouthSudanonsuchotherdayasthecourtconsidersequitableinthecircumstances
(e)intheeventparagraph(d)isapplicable,thecourtshallordertheconversiontobemadeatsuchrateastomakethecreditorwholeandavoidrewardingadebtorwhohasdelayedincarryingouttheobligation.
CHAPTERVII
MONETARYFUNCTIONSANDOPERATIONS
1. 52.MonetaryandExchangeRatePolicy
TheBankshallberesponsiblefortheformulation,adoptionandexecutionofthemonetaryandexchangeratepoliciesofSouthSudan,whichshallaimtopreservethevalueoftheSouthSudanesepoundasdeterminedinaccordancewithsection53below.
53.ExternalValueoftheSouthSudanesePound
(1)TheBankshalldeterminebyregulationtheexchangeratesatwhichitshallpurchaseandsellSouthSudanesepounds.
(2)Iftheinternationalreservesmentionedinsection61belowhavedeclinedor,areindangerofdecliningtosuchanextentastojeopardizetheexecutionofthemonetaryorexchangeratepoliciesof
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SouthSudanorthepromptsettlementofthecountrysinternationaltransactions,theBankshallconsultwiththeMinisterandmayadjusttheexchangeratereferencedinsubsection(1)ofthissectioninlightofexistingandexpectedconditionsintheforeignexchangemarket.
54.OvernightAdvances
(1)TheBankmay,onthetermsandconditionsestablishedbyregulation,granttoanybankthatholdsanaccountattheBank,overnightadvancesinSouthSudanesepoundsthataresecuredbyanyofthefollowingassets:
(a)internationalreserveassetsasspecifiedinSection61ofthisAct
(b)debtsecuritiesissuedbytheBankortheGovernmentofSouthSudan
(c)depositsofthatbankwiththeBankor
(d)warehousereceiptsandotherdocumentsoftitleissuedinrespectofstaplecommoditiesorothergoodsdulyinsuredagainstriskoflossordamage.
(2)Overnightadvancesmayberenewedforupto15daysandshallcarryanappropriatemarketrateofinterest.
(3)Ifanadvancemadeunderthissectionisnotrepaidattherequiredtime:
(a)untilthesituationisrectified:
(i)theBankshallmakenofurtheradvancestosuchbankunderthissection
(ii)thebankshallnotbepermittedtoparticipateintheclearingandsettlementsystemand
(b)theBankmaytakeanycorrectiveactionauthorizedbytheBankingActasitdeemsappropriate.
(4)AdvancesgrantedbytheBankunderthissectionshallbemadeonlyattheheadofficesofsuchbanksinSouthSudan.
55.IssuanceofDebtSecurities
Forthepurposeofconductingmonetarypolicyoperations,theBankmay,undertermsandconditions
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determinedbyregulation:
(a)issueinitsownnamedebtsecuritieshavingamaturityofnolongerthan12months
(b)purchase,sellandredeemdebtsecuritiesissuedbytheBankpursuanttosubsection(a).
56.RequiredReservesofBanks
(1)TheBankmayrequirethatbanksshallmaintaindepositsinSouthSudanesepoundswiththeBankandcashintheirvaultsatprescribedminimumlevelsthatrelatetothesize,typeormaturityoftheirdeposits,borrowedfundsandsuchotherliabilitiesastheBankmaydeterminebyregulation(requiredreserves).Requiredreserveratiosshallbeapplieduniformlytoreserveliabilitiesandtoallbanks.
(2)TheBankmayfromtimetotimeprescribebyregulationtherequiredreservesthatshallbemaintainedbywayofcashholdingsandmoneydepositswiththeBank,whichshallbecalculatedastheaveragedailyreservesoverthestipulatedholdingperiods.RequiredreservesmaintainedwiththeBankshallberemuneratedataratedecidedbytheBank.
(3)Regulationsmentionedinsubsection(2)above,bywhichrequiredreservesareestablishedormodified,shallspecifythedatebywhichbanksshallcomplywiththenewrequirementsorreserveratios.
(4)TheBankmayimposeonandcollectfromanybankthatfailstomaintainrequiredreservesattheminimumlevelsprescribedinaccordancewithsubsection(2)above,alevyontheshortfallinsuchbanksrequiredreserves,untiltheshortfalliscorrected.SuchlevyshallbesetbyregulationoftheBank.
(5)Ifabankfailstofulfilitsrequiredreservesfortwoconsecutiveperiods,theBankshallceasetoprocesswithdrawaltransactionsforthebank,andshallrequirethebanktotakemeasurestocorrecttheshortfallwithinoneweek.Ifthefailuretofulfilthereserverequirementcontinuesforanotherweek,theBankmaytakeanyremedialactionauthorizedbyrelevantlegislationrelativetothebank.
57.PublicationofInformationRelatingtoCurrency
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EachmonththeBankshallpublishmonthlyinformationconcerningthetotalamountofSouthSudanesepoundsincirculationandtheofficialforeignexchangereservesoftheBank,withabreakdownoftheholdingsofothercurrencies.
CHAPTERVIII
FOREIGNEXCHANGEOPERATIONS58.GeneralPolicy
(1)SouthSudanesepoundsshallbefreelyconvertibleintoforeigncurrencythroughoutSouthSudaninallvoluntarytransactionsundertakenbetweenprivateparties.
(3)NorestrictionsshallbeimposedbytheBankorotherauthoritiesonthemakingofpaymentsandtransfersforinternationaltransactions,unlesstheBankdeterminesthatsuchrestrictionsarerequiredintheperformanceofanobligationofSouthSudanunderinternationallaw.AlldecisionsonthesemattersmustbetakenunanimouslybytheBoard.
59.ResponsibilitiesoftheBank
TheBankshallhaveresponsibilityfor:
(a)theissuanceofregulations,circularsandordersrequiredfortheexecutionofforeignexchangepolicyandforforeignexchangemarketoperationswithintheterritoryofSouthSudan
(b)theregistrationandissuanceoflicenses,andtheregulationandsupervision,offoreignexchangedealersincludingbanks,andotherfinancialinstitutions,pursuanttorelevantlegislation
(c)settinglimitsonforeignexchangepositionsofforeignexchangedealersandbanks
(d)maintainingandmanagingtheinternationalreservesoftheBankand
(e)buyingandsellingfreelyusableforeignexchangeforSouthSudanesepoundsatitspostedexchangeratesaccordingtoitsregulations.
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60.InternationalClearingandPaymentsAgreements
TheBankmay,eitherforitsownaccountoronbehalfoftheGovernment,enterintoclearingandpaymentsagreementsoranyothercontractsforthesamepurposewithpublicandprivatecentralclearinginstitutionsdomiciledabroad.
61.InternationalReserveAssets
(1)TheBankshallestablishandmaintaintheinternationalreservesofSouthSudanwhichshallconsistofalloranyofthefollowingassets:
(a)anygold,otherpreciousmetalsandpreciousstones
(b)anybanknotesandcoinsinfreelyconvertibleforeigncurrency
(c)anycreditbalancesthatarepayableinfreelyconvertibleforeigncurrencyandareheldinaccountsoftheBankonthebooksofforeigncentralbanksorotherfinancialinstitutions
(d)SpecialDrawingRightsoftheInternationalMonetaryFund
(e)anybillsofexchange,promissorynotes,certificatesofdeposit,bondsandotherdebtsecuritiesthatarepayableinfreelyconvertibleforeigncurrencyandareheldbyorfortheaccountoftheBankand
(f)anyforwardpurchaseorrepurchaseagreementsandanycurrencyswapagreementsoftheBankconcludedwithorguaranteedbyforeigncentralbanksorinternationalfinancialorganizations,andanyfutures,optionandothercontractsheldbytheBank,thatentitletheBanktoreceivepaymentinfreelyconvertibleforeigncurrency.
(2)TheBankshallmaintaintheinternationalreservesatalevelthatshallbeadequatefortheexecutionofthemonetaryandexchangeratepoliciesofSouthSudanandforthepromptsettlementofthecountrysinternationaltransactions.
62.Acquisition,HoldingandDisposalofInternationalReserves
TheBankshallhavetheauthoritytotakeallactionsnecessarytoacquire,tohold,andtodisposeof,theinternationalreserveassetsspecifiedinsection61(1)above,andmanagetheminaccordancewithinternationallyrecognizedbestpractices.
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63.InvestmentofInternationalReserveAssets
TheinternationalreserveassetsoftheBankreferencedinsection61aboveshallbeinvestedabroadinaccordancewithinvestmentguidelinesestablishedbytheBoard,givingprioritytosafety,liquidity,andincome,inthatorder.
CHAPTERIX
RELATIONSWITHTHEGOVERNMENT64.Banker,Adviser,andFiscalAgent
(1)TheBankshallactasbankerandadviserto,andasfiscalagentof,theGovernment,andsuchGovernmentagenciesastheBoard,inconsultationwiththeMinistershalldetermine.
(2)TheBankshallconsultwiththeMinisteronanyproposalsconcerningmattersthatrelatetotheMinistrysobjectivesorthatotherwisearewithinitsfieldsofcompetence.
(3)Eachyear:
(a)theMinistershallconsulttheBankontheoccasionofthepreparationoftheGovernmentbudgetforthenextfollowingbudgetyear,includingtheextentofexternalfinancingofdomesticexpenditures
(b)theBankshallsubmittotheMinisterawrittenreportoneconomicandfinancialmatterspertinenttothebudget
(c)theMinistershallincludethereportoftheBankreferredtoinsubsection(b)aboveinitsbudgetproposaltotheAssemblyforthefollowingyear.
65.AdvancestotheGovernment
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(1)TheBankmaymakeadvancestotheGovernmentonlyinrespectoftemporarydeficienciesofrecurrentrevenue.
(2)Thetotalamountofadvancesmadeoroutstandingundersubsection(1)shallnotatanytimeexceed:
(a)5percentofthegrossrecurrentrevenueoftheGovernment,asshownintheappropriationaccountforthelatestyearforwhichthataccounthasbeenauditedbytheAuditorGeneral,or
(b)50percentofthecapitaloftheBank,asshownonthemostrecentmonthlyfinancialstatementsoftheBank,whicheveramountislower.
(3)EachadvancemadetotheGovernmentunderthissectionshall:
(a)haveamaturityofnolongerthan3months
(b)besecuredbynegotiablesecuritiesissuedbytheGovernmentandhavingamaturityofnotmorethan12months
(c)bearinterestatamarketrateand
(d)bemadesolelyforthepurposeofprovidingtemporaryaccommodationtotheGovernment.
(4)Foratleast6monthsofeverycalendaryear,theremustbenooutstandingliabilitiesoftheGovernmenttotheBank.
(5)Forpurposesofthissection,recurrentrevenuesoftheGovernmentshallincluderevenuefromtaxes,customs,exciseandotherduties,fees,rents,profitsandincomefromanyinvestmentorundertaking,butshallnotincludeproceedsfromgrants,loans,ordisposalofassetsforpurposesofprivatisationoranyformofborrowing,whethershorttermorlongterm.
(6)Whereanyadvanceunderthissectionisnotrepaidwithintherequiredtimeperiod,theBankshallreportthisfacttotheAssembly,andshallnotmakeanyadditionaladvancestotheGovernmentuntilthesituationisrectified.
66.ConsultationsandReportingonPublicSectorBorrowing
(1)Eachyear,theMinistershallconsultwiththeBankonitsplanfordomesticandexternalpublicsectorborrowingduringthenextfollowingfinancialyear,includingtheamountstobecontractedanddisbursedundersuchborrowingandtheexpectedtermsandconditionsofsuchborrowing.
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(2)AllborrowingtransactionsbytheGovernmentanditsagenciesshallbereportedinsuchdetailastheBankshallrequirebyregulation.
67.DepositoryandCashierfortheGovernment
(1)TheBankshallacceptdepositsfromtheGovernmentandfromsuchGovernmentagenciesastheMinistershalldetermine.
(2)Asdepository,theBankshallreceiveanddisbursemoniesandkeepaccountthereofandprovideotherfinancialservicesrelatedthereto.
(3)TheBankshallpaytothelimitsofthedepositedamountsagainstpaymentordersconcerningsuchaccounts.
(4)TheBankshallpayinterestonsuchdepositsatrelevantmarketrelatedratesafterdeductionofitsadministrativecostsrelatedtosuchdeposits.
(5)TheBankmayauthorizeotherfinancialinstitutionstoreceivesuchdepositsincompliancewithconditionsprescribedbytheBank.
68.FiscalAgencyFunction
(1)TheBankmay,onlythroughatrustfundandonsuchtermsandconditionsasitshallagreewiththeMinister,actasfiscalagentfortheaccountoftheGovernmentanditsagencies,inthefollowingmatters:
(a)marketingofdebtsecuritiesissuedbytherelevantauthorities,orasregistrarandtransferagentthereof
(b)paymentofprincipalof,andinterestandotherchargeson,suchsecuritiesand
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(c)suchothermattersasshallbeconsistentwiththeobjectivesandbasictasksoftheBank.
(2)TheBankshallchargefeesforanyservicesperformedunderthissectionatitscost.
69.RequiredInformation
TheBankshallbeentitledtoreceivefromtheGovernmentallsuchfinancialandeconomicinformationanddocumentsastheBankshallreasonablyrequestforthecarryingoutofitsfunctions.
CHAPTERX
RELATIONSWITHREGULATEDENTITIES70.SupervisionofRegulatedEntities
(1)TheBankshallbeexclusivelyresponsibleforthesupervision,regulationandlicensingoffinancialentitiesinSouthSudaninaccordancewiththeregulation.
(2)TheprincipalfunctionsoftheBankwithregardtoregulatedentitiesshallbe:
(a)topromotethegeneralsafety,stability,efficiency,andtransparencyofthebankingandfinancialsystemsofSouthSudan
(b)tocounteractundesirabledevelopmentsinregulatedentitiesthatmayendangerthesafetyofassetsentrustedtothem,impairtheproperconductoftheirbusiness,orproduceunacceptablesystemicriskinthebankingorfinancialsystems,orseriousdisadvantagestothenationaleconomy.
(3)Withoutanylimitationonsubsection(2)above,theBankshall:
(a)beresponsibleforsupervisingcompliancewiththeprovisionsofthisAct,otherrelevantlawsandregulationsoftheBankpertainingtoregulatedentities
(b)takeappropriatestepstoensurethatregulatedentitiesconductingbusinessinSouthSudanareoperatedinasafe,responsible,honestandbusinesslikemanner
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(c)suppressoraidinsuppressingillegal,dishonourableorimproperpracticesintheconductofthebusinessofregulatedentities,includingmisuseofregulatedentitiesforcriminalpurposes,moneylaunderingorterroristfinancing
(d)cooperatewithandassistfinancialservicessupervisoryauthoritiesinSouthSudanandabroad,wheneverappropriate,totheextentpermittedbythisoranyotherprovisionoflawand
(e)considerandproposereformsoflawsrelatingtosupervisionofregulatedentities.
(4)InperformingthesupervisoryfunctionsassignedtoitbythisAct,theBankshallbeauthorized,inparticular,to:
(a)carryoutthelicensingofanyregulatedentities,includingsettingeligibilityrequirementsforthosewishingtoengageinthebusinessofregulatedentitiesasauthorizedbyrelevantlegislation
(b)submitanyregulatedentitiestoprudentialrequirements,and/orotherrequirementsdesignedtofacilitatesupervisionbytheBankand/orprotectionofcustomersandclients
(c)requireregulatedentitiestoprovideinformationtotheBanktofacilitatesupervisionbytheBank
(d)conductinspectionsofregulatedentitiesasauthorizedbyrelevantlegislation
(e)issuecorrectiveordersto,andimposepenaltiesandsanctionson,regulatedentitiesinaccordancewithrelevantlegislationincasesoflegalorregulatoryviolations
(f)revokelicensesofregulatedentitiesinaccordancewithlegalrequirementsand,
(g)performotherfunctionsprovidedbyrelevantlegislation.
71.LenderofLastResortFunction
(1)TheBankmayprovidelenderoflastresortliquiditysupporttoasolventbank,bygrantingtoitfinancialassistanceasmaybeprovidedintheregulation.
(2)Eachcommitmentreferencedinsubsection(1)mustbesecuredbyassetsspecifiedinsection54(1),unless:
(a)theBankdeterminesinwritingthatothercollateralwouldbejustifiedbyexceptionalcircumstances,dictatedbytheliquiditysituationofthebankandbythepublicinterestand
(b)theMinisterhasconcurredinwritingwithsuchdeterminationwithin24hoursafterithasbeensubmittedtohimbytheBank.
(3)Commitmentsundersubsection(1)maynotexceed50percentoftheBankscapitalunlessanyexcessismatchedequallybyfundsfromtheMinistry.
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(4)Thetermsandproceduresforprovidingassistanceundersubsection(1)shallbedeterminedbytheBank.TheinterestrateforsuchcreditsmustbeatmarketratesasdeterminedbyregulationoftheBank.
(5)Theperiodforassistancereferencedinsubsection(1)maybeextendedbytheBankforoneadditional3monthperiod,withtheapprovaloftheBoardandthewrittenconcurrenceoftheMinister,ontheconditionthatthebanktakesanymeasuresrequiredbytheBanktoovercomeitsliquiditydeficiencies,tothesatisfactionoftheBank.
CHAPTERXI
ACCOUNTS,FINANCIALSTATEMENTS,
AUDIT,ANDREPORTS72.FinancialYear
ThefiscalyearoftheBankshallbetheyearaccordingtotheGregoriancalendar,andcommenceonthefirstdayofJanuaryandend,onthe31stofDecemberofthesameyear.
73.AccountingPractices
TheBankshallmaintainaccountsandrecordsadequatetoreflectinaccordancewithconsistentlymaintainedInternationalFinancialReportingStandardsitsoperationsandfinancialcondition.
74.FinancialStatements
TheBankshallpreparefinancialstatementsforeachofitsfinancialyears.Theyshallincludeabalancesheet,incomestatement,astatementofcashflows,andrelatedstatements.
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75.AuditofAccounts
(1)TheaccountsandrecordsoftheBankshallbeauditedannuallyinaccordancewithInternationalStandardsonAuditingbytheAuditorGeneral.
(2)TheBankshallprovidetheAuditorGeneralwithsuchassistanceastheAuditorGeneralmayrequire.TheAuditorGeneralshallhaveaccess,uponrequest,toallaccounts,books,minutes,recordsandotherdocuments,informationanddataoftheBank.
76.TransmittalandPublicationofStatementsandReports
(1)TheBankshall,withinfourmonthsafterthecloseofeachofitsfinancialyears,submittotheMinisterfortransmissiontothePresidentacopyofitsfinancialstatementscertifiedbytheAuditorGeneralandtheBanksexternalauditors.
(2)TheBankshallonceayearsubmittotheAssembly:
(a)areportonitsoperationsandaffairsduringthatyear,reviewingthatyearsperformanceagainstitsplansandsettingoutitsobjectivesforthecomingyearand,
(b)areportonthestateoftheeconomy.
(3)TheBankshall,within15workingdaysoftheendofeachmonth,prepareandsubmittotheMinisterproformabalancesheets.Theproformareportswillincludethenetchangeintheforeignreservepositionoverthecourseofthemonth.
(4)Ifamonthlyproformabalancesheetreferredtoinsubsection(3)above,showsthatthevalueoftheBanksassetsislessthanthesumofitsliabilitiesandrequiredcapital,theMinistershall,within10workingdaysofreceiptofsuchstatementfromtheBank,notifythePresidentandAssemblyinwritingandcarryouttherequirementsofsection38ofthisAct.
(5)Upontheirsubmission,theBankshallpublishthefinancialstatementsandreportsreferredtoinsubsections(1)and(2)aboveitmaypublishsuchotherreportsandstudiesonfinancialandeconomic
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issuesasitmaydeemappropriate.
CHAPTERXII
COLLECTIONOFSTATISTICALINFORMATION
77.CollectionofStatisticalInformation
(1)TheBankshallcollectthestatisticalinformationrequiredfortheachievementofitsobjectivesandthecarryingoutofitstasks,fromthecompetentauthoritiesofSouthSudanordirectlyfromeconomicagents.Tothatend,itshallcooperatewiththecompetentauthoritiesinotherstatesandwithinternationalorganizations.
(2)TheBankshallseektoharmonizetherulesandpracticesgoverningthecollection,compilationanddistributionofstatisticswithinitsfieldsofcompetence.
(3)TheBankshalldefinebyregulationthestatisticalinformationandtheforminwhichsuchinformationistobeprovidedtotheBank,thepersonsthataretoprovidesuchinformationtotheBank,andtheconfidentialityregimethatshallapplytostatisticalinformationprovidedtotheBank.
(4)TheBankmayrequireallbanksandotherregulatedentitiesoperatingwithintheterritoryofSouthSudantoprovidetotheBankannual,quarterly,ormorefrequentreportscoveringmonetarystatistics,incomeandexpensereports,nonperformingloansandloanlossesandprovisioning,foreigncurrencypositions,interestrates,andotherreportsofactivities.TheBankshallbeobligedtocompilestatisticsinaccordancewithinternationalstandardsandpractices.
(5)TheBankmaycompileandaggregatestatisticalinformationreceivedfrombanksandotherfinancialinstitutionsasneededtomeetitspolicyneeds,toinformthepublic,andfulfilobligationstointernationalorganizations.
(6)TheBankmayrequirethatbanksandotherfinancialinstitutionsandagentsprovidetotheBankinformationonspecifictransactions,individuals,orfirmsasareneededtocarryoutitssupervisory,policy,andstatisticalfunctions.
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(7)TheBankshallnotdisseminatetothepublicstatisticalinformationrevealingbusinessrelationsofindividualsorundertakingsunlessithasobtainedthepriorwrittenpermissionbytheindividualsortheundertakingsconcernedtodoso.
(8)TheBankmayprovideinformationonconfidentialbankmonetaryrecordsrelatedtospecifictransactions,individuals,orfirmstosupervisorsorotherdueauthoritiesfortheexecutionoftheirofficialduties.
(9)TheBankmayimposesanctionsonbanks,monetaryinstitutionsandagents,andtheirmanagementintheeventofincompleteinformationorlatereporting,nonreporting,orinaccuratereporting.
(10)EachpersonfromwhomtheBankmaycollectstatisticalinformationpursuanttothissectionshallprovidetosuchinformationinaccordancewiththerelevantregulations.TheBankmayapplyanyenforcementmeasuresauthorizedbytheapplicablelawtoanypersonwhoviolatesthisrequirement.
CHAPTERXIII
MISCELLANEOUSPROVISIONS78.PreferentialRight
TheBankshallhaveanunconditionalpreferentialrighttosatisfyanyclaimagainstanydebtoroftheBankatthetimesuchclaimbecomesdueandpayable.Suchclaimmaybesatisfied:
(a)fromanycashbalancesandotherassetsthattheBankholdsforitsownaccountorfortheaccountofthedebtorconcerned,whetherascollateraltosecuresuchclaimorotherwise
(b)bytheBankkeepingsuchcashbalances,and/orsellingsuchassetsatareasonablepriceandretainingtheproceedsofsuchsaleafterdeductingtheassociatedcosts
(c)withoutactionorapprovalofanycourtand
(d)notwithstandinganycompetingclaimofownershiporotherpreviouslyacquiredrights,unlessthereisclearandconvincingevidencethatstaffoftheBankkneworshouldbeconsideredtohaveknownatthetimesuchassetscameintothepossessionoftheBankthatsuchassetsdidnotbelo