In the name of Allah, the Most Gracious, the Most Merciful
Central Bank of Sudan
Press Release No. (3)
The Central Bank of Sudan, through its Crisis Management Committees, has continued to monitor and oversee the performance of the banking sector and to address emerging problems and obstacles by finding suitable solutions within the framework of the Central Bank’s mandated roles as stipulated by its law. This has been achieved through the issuance of circulars and directives that have clearly contributed to facilitating and ensuring the smooth flow of banking services. Below is a summary of the efforts made by the Central Bank of Sudan over the past week to sustain and stabilize the banking sector:
Reviewing and amending regulations issued by the Central Bank of Sudan to suit the requirements of this stage. These amendments were characterized by flexibility, including granting bank administrations the authority to take certain measures at their discretion after applying due diligence procedures.
Facilitating financing procedures for the agricultural season by working with an alternative mechanism for credit inquiries and customer coding for new clients until electronic systems are fully operational—taking into consideration the circumstances of customers and farmers while adhering to the requirements of granting bank financing.
Monitoring banks’ operations in real time, where the Crisis Management Committee of the Central Bank, headed by the Governor, works in coordination with emergency committees at various levels to closely and daily follow up on the operation of banking systems. A large portion of banks that use private switches have been able to operate their applications, and efforts are ongoing to fully restore systems.
Assessing the initial damages to microfinance institutions that sustained varying degrees of losses and were affected by the attacks, looting, and destruction that hit some banks, thereby reducing their ability to access financing.
Forming committees in several Central Bank branches to purchase gold, headed by the branch manager in each state. These committees have already begun operations and carried out purchases of government gold and concession companies’ gold in accordance with the regulations issued on 11 June 2023 under the circular “Export and Purchase of Gold from Concession Companies and Small-Scale Mining.” There is also strong coordination among the relevant branches in implementing these purchases as per the issued regulations.
Resumption of some banks’ operations in their branches located in states not affected by the risks of war, enabling clients in those states to benefit from banking services.
Individual initiatives by some banks during the current national crisis to restore and stabilize their banking services for customers—efforts that are acknowledged and commended by the Central Bank.
The Central Bank of Sudan will continue its efforts, in coordination with relevant authorities, to overcome all obstacles and address all challenges facing the banking sector in order to provide banking services to customers.
Central Bank of Sudan – Media Office
Saturday, 24 June 2023
