Central Bank Source: Instant Money Transfers Suspended to Curb Dollar Trading

Sudan Events – Rahab Abdullah

A well-informed source at the Central Bank of Sudan stated that the decision to suspend the iBOK app’s instant money transfer service was made as part of cooperation between the Central Bank and Bank of Khartoum to address violations by some companies.

Speaking to Sudan Events, the source explained that the main goal is to prevent the misuse of large money transfers for currency trading, especially as the U.S. dollar has reached record highs against the Sudanese pound, hitting 3,200 on Wednesday.

The Central Bank had previously issued a decision to suspend instant transfers through Bank of Khartoum’s iBOK app, which is designated for corporate clients.