Sudan Central Bank Plans to Resume Electronic Clearing System

Sudan Events – Rahab Abdullah

The Central Bank of Sudan has announced its intention to resume the electronic clearing system in the coming days, for which preparations are currently underway. It reaffirms the Central Bank of Sudan’s ongoing efforts to mitigate and address the effects of the crisis resulting from the state of war that began on April 15, 2023. These efforts are aimed at ensuring the recovery of the banking sector and the stability of banking operations. The Central Bank is closely monitoring and documenting the systematic looting, destruction, and theft of funds and assets since the start of this war.

In a press release this morning (Saturday), the bank emphasised its continued efforts to manage and oversee banking operations during the current crisis. This is to minimise the damage and losses incurred by the banking sector. The bank also mentioned taking necessary banking measures to address the depreciation of the national currency and stabilise its exchange rate, including reducing the transfer limits through banking applications.

It was revealed that several bank branches have resumed their normal operations in safe areas, with a total of 427 branches currently in operation. Additionally, the electronic banking applications of 8 banks have been restored, some of which are partially operational. Furthermore, the General Immediate Settlement System (Siraj) has been launched, and banks are allowed to use it starting September 11, 2023.

The bank stated that it has allocated a total of 6.3 billion Sudanese pounds to finance the summer agricultural season until the end of August 2023, an increase of 262% compared to the previous month. This funding was provided through 9 microfinance institutions to benefit 15,082 beneficiaries, an increase of 97% compared to the previous month across 8 states.

The Central Bank emphasised that it will coordinate with the executive departments of banks and other relevant authorities to adopt all alternatives and solutions that enable banks to deal with the consequences and losses resulting from this crisis. This will be done within the framework of regulatory and accounting standards governing banking operations, ensuring the rights of depositors and stakeholders and achieving the safety and stability of the banking system.