27 February 2014

Sudan: Saudi Arabian Banks Suspend Sudan Transactions

Khartoum — Saudi Arabia and some European banks will halt their transactions with Sudanese banks from 28 February onwards, according to economic sources in Khartoum.

"Some banks in Europe and Saudi Arabia have announced suspension of their dealings with Sudanese banks", the Central Bank of Sudan stated in a press release on Wednesday. "The decision is related to internal procedures within the framework of institutional control at those banks. This is normal in the field of banking that experiences continuous changes. Associates enter, and others exit."

The bank explained in the press release that the Sudanese banks have a diverse network of associated banks in the Arab region, Europe, and Asia that "can help" facilitate foreign trade transactions.

In December last year, Radio Dabanga reported that the Central Bank of Sudan devalued the pound by 22.6 percent against the dollar in November, the second such move in just over a year. The scarcity of dollars had prompted the Sudanese Central Bank to start using up the general reserves of commercial banks, which are meant to be kept as deposits with the Central Bank.

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