The Sudanese Central Bank wants to end its contributions to banks

Bank confirmed Sudanese Central He desires to exit from the contributions to bank capital, to maintain his neutrality in supervision and oversight The banking sectorHe called on banks to devise attractive financial tools to revive the sector.

Mohamed Ahmed Al-Bishri, Deputy Governor of the Bank of Sudan, said in a paper presented today, Monday, during the economic conference organized by the transitional government, since last Saturday, that a flexible exchange rate system must be adopted, and adequate precautions should be provided to enable the Bank of Sudan to implement the system.

Al-Bishri pointed to the importance of establishing controls to control foreign exchange purchases by government units and telecommunications companies, and restoring foreign markets for Sudanese exports, by taking advantage of bilateral, regional and international agreements and opening new markets.

He stressed the need to reduce current state spending, increase real resources, cancel customs exemptions, confirm the Ministry of Finance’s mandate over public funds, and reduce the cost of producing exportable goods to increase competitiveness.

He stressed the importance of addressing problems related to the weakness of social safety nets to mitigate the negative effects of policies on vulnerable segments and deal with them gold A sovereign resource like oil, and the focus is on mining other minerals available in Sudan.

During the conference, a number of economists called for the necessity of structuring the banking sector, by obliging and motivating banks to merge in order to increase their capital and improve their services.

The conference aims to reach a comprehensive economic reform program that takes the country out of its current position, stops the bleeding of the collapse of the national currency, and finds solutions to the living difficulties facing citizens, represented by the high prices of goods and services.

The economist, Sidqi Kablo, said in an intervention during the discussion of a paper presented by the Bank of Sudan on monetary and banking policies and the policies of the external sector, today, Monday, that there is no other choice for Sudanese banks except to merge or liquidate them completely.

“The Islamic banking system that was applied in previous years is not suitable for financing development and the revolving capital of the industry,” Keplo said, adding, “In the interest of the economy, the traditional window in the banking system must prevail.”

In turn, economist Yasser Mirghani indicated that no more than 30 banks can remain in Sudan, and that it is necessary to merge them with setting a ceiling for the capital of any bank.

The economic expert, Ihssan Al-Bashir, also called for the necessity of obliging specialized banks to work in their field of specialization only, without extending in all fields.