Central Bank Governor Issues Directives on Currency Exchange

The Governor of the Central Bank of Sudan, Burai Sidiq Ali, directed general managers of the country’s banks to raise the banking sector’s readiness to 100% for the currency exchange process through a set of measures.

He outlined steps such as reopening closed branches in secure areas, extending working hours, increasing service windows, and enhancing human and logistical resources. The governor also emphasized strengthening security measures in coordination with state security committees.

During an extensive meeting at the Central Bank of Sudan’s Port Sudan branch on Sunday with commercial bank directors, the governor discussed final preparations for the currency exchange process. He noted that the exchange would be conducted through bank account deposits for the 1,000 and 500 SDG notes.

While addressing the repercussions of widespread looting and counterfeiting by the rebel Rapid Support Forces militia, he highlighted that this initiative also provides an opportunity to rejuvenate the banking sector, rebuild trust in the national currency, and promote financial inclusion.

The governor announced the launch of an accompanying media campaign in coordination with the Ministry of Culture and Information to raise public awareness about opening bank accounts for currency exchange and benefiting from banking services. He urged banks to actively participate in efforts to attract more customers.

In response, Abbas Abdullah Abbas, President of the Sudanese Banks Union, expressed full readiness among banking sector workers to support the Central Bank’s efforts. He commended the measures taken to recover the banking system from the effects of war and affirmed the banks’ commitment to implementing the currency exchange plan successfully.

The meeting agreed on simplifying bank account opening procedures, increasing service windows, expediting the integration of banking systems to activate electronic payment services, and interconnecting banking applications to ease interbank transfers.

The governor requested urgent reports from banks detailing their readiness plans, noting that conducting currency exchange under current exceptional circumstances is a significant challenge but remains a necessary step dictated by prevailing conditions.

He thanked the bank directors for their cooperation, emphasizing that close collaboration is key to the operation’s success, which will enhance national economic stability and confidence in the national currency.