In the Name of Allah, the Most Gracious, the Most Merciful
Central Bank of Sudan
Press Release No. (5)
The Central Bank of Sudan has continued its efforts to stabilize the banking sector and maintain balance in the foreign exchange market by adopting a package of measures in coordination with the Ministry of Finance and Economic Planning, the Ministry of Trade, and the Customs Authority. The following highlights the efforts made by the Central Bank over the past days:
1- Regulation of imports:
As part of utilizing available resources to meet the needs of various economic sectors, the Central Bank of Sudan issued a circular on the rules and guidelines for imports without transfer of value (TT). Import without transfer of value was banned, except for:
Imports for investment purposes.
Imports for investments established under valid agreements with the Government of Sudan and approved by the Ministry of Finance and Economic Planning.
Imports of capital goods for productive factories.
Replacement of machinery for factories destroyed by the war, subject to the approval of the Ministry of Trade and technical authorities.
Priority in the provision of foreign exchange was granted for the import of basic and strategic goods approved by the Ministry of Trade, with a ban on their import without transfer of value, except for shipments made on or after June 14, 2023, and up to the date of issuing these regulations on July 25, 2023.
2- Resumption of electronic banking applications:
The Central Bank continued urging banks to reopen their branches in safe states to serve their clients and emphasized the importance of quickly resuming electronic applications. As a result, Al Baraka Bank and Workers’ Bank resumed their applications, alongside the already active applications of Omdurman National Bank, Bank of Khartoum, Faisal Islamic Bank, and Nile Bank. Other banks’ efforts to restore their applications are being closely followed.
3- Banking network expansion:
A total of 23 banks have been connected to the banking network, with ongoing follow-up to ensure readiness for the launch of the electronic clearing system.
4- Agricultural season financing:
Financing portfolios amounting to 1.7 billion Sudanese pounds were allocated and implemented by eight microfinance institutions to cover a total of 37,527 feddans, benefiting 7,644 clients across five states. Additional financing portfolios are under implementation with the participation of several banks operating in the targeted states.
The Central Bank of Sudan, through its crisis management committees and in coordination with partners in the banking sector and relevant government authorities, will continue its efforts to overcome all challenges in order to achieve the full restoration of the banking system’s operations.
Central Bank of Sudan – Media Department
July 28, 2023
