The Central Bank of Sudan Completes Preparations for Currency Replacement

The Central Bank of Sudan has finalized its preparations to commence the replacement of new currency denominations of 500 and 1,000 Sudanese pounds. This initiative aims to safeguard the national currency and counteract theft and looting targeting state institutions and banks. Citizens are encouraged to conduct transactions through the banking system to protect their savings and integrate into the financial inclusion framework by utilizing electronic payment methods wherever possible.

Unlike previous attempts, this replacement process will primarily occur through customers’ bank accounts. The Central Bank has launched an extensive media campaign to raise public awareness, encouraging those without bank accounts to open them.

The bank has also completed the technical preparations, including equipping money-counting machines, counterfeit detection devices, and transporting the new currency. Circulars have been issued to commercial banks, directing them to prepare for account openings and simplify procedures, particularly by linking them with the civil registry.

The replacement process will cover many states and continue until its full completion. This time, a high-level committee chaired by Sovereign Council member Lieutenant General Ibrahim Jaber and another committee headed by the Minister of Finance, including the Governor of the Central Bank and several related ministries and authorities, will oversee the process.

Additionally, the Central Bank has formed several internal committees to manage the replacement process, including an operations and monitoring room to facilitate and oversee the various stages of implementation.