CBS Issues Controls to address Banks’ Losses due to the War

Sudan Events – Rehab Abdullah

The Central Bank of Sudan (CBS) issued temporary controls to address war losses in banks and create financing allocations.
It announced that cash losses and other assets would be addressed by scheduling the extinguishment of war losses over a maximum period of 10 years, allowing the scheduling of extinguishment of losses resulting from looting and theft of cash in storage over a maximum period of 8 years, while allowing the scheduling of losses resulting from the destruction of assets and systems over a maximum period of 10 years, addition to controls for addressing defaults and financing losses, extending the deadlines stated in Circular 1/2008 on the policies and procedures for defaulted financing and the formation of existing provisions before the war for a period of 18 months since the beginning of the war.
It decided to extend the deadlines for classifying financing and forming specializations for operations due before the war for a period of 18 months to neutralize the impact of the war on specializations.