Bank of Sudan

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Bank of Sudan is the central bank of the Sudan. The bank was formed in 1960, four years after Sudan's independence. It is located in Khartoum and its governor is currently Sabir Mohammed Hassan.

1 History
2 Operations
3 See also
4 External links

[edit] History

When Sudan achieved independence in 1956, the creation of a central bank was a priority. A 3-man commission of experts from the American central bank, the Federal Reserve, worked with Sudanese government and financial people to create the Law of the Bank of Sudan for 1959, and in 1960 the Bank of Sudan began operations.

In addition to the regular duties of a central bank, which may include minting coins and issuing banknotes, managing a country's internal and external accounting, and setting monetary policy and interest rates, Sudan's central bank also has responsibilities to Islamic banking law.

After Islamic law (Sharia) was established in the Sudan in 1984, the banking and financial industry reformed in accordance with the government. The banking system was Islamized, and in 1993 the Sharia High Supervisory Board (SHSB) was established, to ensure compatibility with Islamic principles. In compliance with the SHSB, treasury bills and government bonds are not being sold by the government to raise money; instead, the Bank sells "Financial Certificates" that comply with Islamic financial principles.

[edit] Operations

As far as the current state of the Sudanese banking and financial situation is concerned, the website of the bank's "About Bank of Sudan" section states:

:The Bank of Sudan has continued to play its role to entrench Islamization of banking through monetary policies that cope with the public trends and the National Comprehensive Economic Strategy Policy. Since the beginning of the Three Years Economic Program (1990-1993), the Bank of Sudan carried out financing policies that aimed to revitalize the Sudanese economy the last of which was the credit policy of 2000 which was based on the following: -

Emphasizing the supply side measures and the monetary stability in view of better utilization of the banking resources by stressing financing on economic priority sectors, and continuation of streamlining general supply policies.
Continuation with the social support program for the benefit of the poor families in accordance with the national mobilization project for social security and for the improvement of productivity.
Continuation with financing public corporations through the banks without recourse to the Bank of Sudan for direct financing.
Allowing the commercial banks to offer financing in foreign exchange according to the regulations issued by the Bank of Sudan.

Branches of the Bank of Sudan
As the country of Sudan is about 1 1/2 times the area of the state of Alaska in the United States, the central bank has a branch bank system: