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| Central Bank of Sudan | |
|---|---|
| Name | Central Bank of Sudan |
| Native name | البنك المركزي السوداني |
| Established | 1960 |
| Headquarters | Khartoum |
| President | (see list) |
| Currency | Sudanese pound |
| Currency iso | SDG |
| Website | (official) |
Central Bank of Sudan The Central Bank of Sudan is the primary monetary authority of Sudan, headquartered in Khartoum. It manages the Sudanese pound, oversees banking regulation, and implements monetary policy in coordination with fiscal institutions such as the Ministry of Finance and Economic Planning (Sudan), the Government of Sudan, and regional authorities like the Darfur Regional Government and the South Kordofan state. The bank interacts with international entities including the International Monetary Fund, the World Bank, and the African Development Bank.
The institution traces roots to colonial-era banking developments alongside institutions such as the Anglo-Egyptian Sudan administration, the Bank of England's influence, and the legacy of the National Bank of Egypt. Post-independence reforms in the 1950s and 1960s paralleled regional shifts involving the Central Bank of Egypt, the Central Bank of Libya, and the creation of national central banks across Africa. Key episodes include nationalization measures under leaders linked to the Sudanese coup d'état (1969) period, the economic restructuring during the Nimeiry era, and policy shifts after the Second Sudanese Civil War. The bank’s role evolved amid sanctions led by the United States Department of the Treasury and the impact of international actions by the United Nations Security Council and the European Union. Post-2019 transitional arrangements involved cooperation with actors such as the Transitional Military Council (Sudan) and the Transitional Sovereignty Council (Sudan), alongside reforms prompted by the Sudanese Revolution (2018–2019).
The Central Bank operates under statutory provisions shaped by legislation debated in the National Legislature (Sudan), guided by mandates similar to those in acts from the Bank of England Act 1998 and influenced by recommendations from the International Monetary Fund and legal frameworks seen in the Central Bank of Nigeria and Bank of Uganda. Governance involves a board appointed by the President of Sudan and overseen in part by the Ministry of Finance and Economic Planning (Sudan). Leadership succession has included governors interacting with figures from the Government of Sudan, former cabinets, and financial technocrats educated at institutions like the London School of Economics and Harvard University. Anti-corruption oversight references institutions such as the Sudanese Anti-Corruption Commission and norms promoted by the World Bank and the International Monetary Fund.
The bank issues the Sudanese pound, manages foreign reserves held in currencies like the US dollar, euro, and Saudi riyal, and administers monetary instruments analogous to those of the European Central Bank and the Federal Reserve System. It licenses commercial banks including counterparts to institutions such as Bank of Khartoum and informal operators akin to Islamic banking entities modeled after standards from the Accounting and Auditing Organization for Islamic Financial Institutions. Responsibilities extend to acting as banker to the Government of Sudan, facilitating foreign exchange transactions involving partners like China, Saudi Arabia, and Qatar, and coordinating with the African Development Bank and Islamic Development Bank on development finance.
Monetary policy tools include reserve requirements, open market operations, and policy rates comparable to practices at the Federal Reserve, Bank of England, and European Central Bank. Exchange rate management has responded to pressures from commodity shocks in international markets such as the Brent Crude oil market and trade with Egypt, Ethiopia, and South Sudan. Inflationary episodes have paralleled regional experiences seen in Lebanon and Zimbabwe, prompting engagement with stabilization programs negotiated with the International Monetary Fund and technical assistance from the World Bank and the Arab Monetary Fund.
Supervisory tasks encompass licensing and oversight of commercial banks, microfinance institutions inspired by models from Bangladesh and Kenya, and non-bank financial intermediaries. The bank coordinates macroprudential policy with the Ministry of Finance and Economic Planning (Sudan) and international standard-setters such as the Bank for International Settlements, the Basel Committee on Banking Supervision, and the Financial Stability Board. Crisis responses have involved coordination with multilateral lenders including the International Monetary Fund and the African Development Bank, and engagement with regional central banks such as the Central Bank of Egypt and the Central Bank of Nigeria.
The Central Bank oversees payment infrastructures akin to real-time gross settlement systems like those run by the Federal Reserve System and the European Central Bank. It promotes financial inclusion drawing on experiences from the Mobile money revolution in Kenya and partner projects with the Bill & Melinda Gates Foundation and the World Bank. Supervision covers commercial banks such as Bank of Khartoum and Qatar National Bank operations, electronic money operators modeled after services in Nigeria and Kenya, and correspondent banking relationships with global banks including those in London and Dubai.
International engagement includes negotiations with the International Monetary Fund, lending and projects with the World Bank and the African Development Bank, and partnerships with the Islamic Development Bank. Relations with neighboring central banks—Central Bank of Egypt, Bank of Ethiopia, and Central Bank of Libya—address cross-border payments and trade finance. Development assistance has involved bilateral partners such as China, Saudi Arabia, Qatar, United Kingdom, and multilateral donors like the European Union and the United Nations Development Programme.
Category:Central banks Category:Economy of Sudan