Sudan: CBOs Develops New Controls to Enable Banks to Deal With Their Counterparts Abroad

Feb 21, 2018 | Sudan News Agency; All Africa

The Central Bank of Sudan has set new controls to enable Sudanese banks to deal with their foreign counterparts.

The Central Bank of Sudan's (CBoS) Assistant Governor for the Financial Institutions and Systems Sector Awad Ali Abdullah Abu Shuk said that CBoS has set new controls, following the partial lifting of the economic sanctions imposed on Sudan, to enable Sudanese banks to deal with their foreign counterparts.

This came during his speech Monday at the opening session of the Forum on the Requirements for Dealing with Correspondent Banks, which was organized by the Union of Sudanese Banks and the Union of Arab Banks under the auspices of the Central Bank of Sudan at Al-Salam Rotana Hotel Rotana. Abu Shuk said the central bank aims at encouragement of exports, increase of competitiveness in new markets and creation of conducive environment for the entry of investors in the fields of production and exports.

The CBoS Assistant Governor urged the banks to complete dealing with the international banks, stressing the importance of removing barriers preventing benefiting from the payment systems and Arabic and non-Arabic facilities. The Secretary General of the Union of Arab Banks Wisam Hassan Fattouh underlined partnership between the public and private banks to finance small and medium enterprises and to create jobs for youth to fight unemployment. Fattouh pointed out that the governments and Arab Central Banks should encourage the spirit of action to combat unemployment, hoping that banks will encourage the financing of some projects for the of society development.

 

Source: All Africa