Category: Banks. Country: Sudan.
After Sudan achieved independence, there arose a need for a Central Bank to replace all those institutions which carried out its functions of regulating currency issuance and planning monetary and financial policies to serve economic sectors, and build a strong banking system capable of responding to the economic development needs in the country. A need for a Central Bank became exigent at that time when the government embarked upon grand scale economic programs which necessitated effective monetary and financial policies that would cope with those ambitious Sudanese economic programs. To achieve those grandiose aims a three-man commission of experts from the American Federal Reserve Bank was set up in 1956 to look into a possibility of establishing a Central Bank in the Sudan. After completion of their task the commission handed over their recommendations, and this was followed up by the promulgation of the Law of the Bank of Sudan for 1959. There after, the Bank of Sudan commenced its functions in February 1960 as an independent institution enjoying the status of a legal person entrusted with the powers to enter into contracts, and empowered to bring legal cases as a litigant or defendant in accordance with Article (5). The aims of the Bank are as follows:- The main aims of the Bank of Sudan are to regulate issuance of currency and coins, to help regulate the banking system, the monetary and the credit systems in the Sudan, and to work to ensure financial stability, to achieve economic development in the country in a systematic and a balanced fashion, to consolidate external currency stability, to be the bank of the government and its advisor in financial affairs. Therefore, the Law has facilitated the Bank to carry out its assigned roles as the following functions:- Issuance of paper currency and coins.Keeping government and government departments accounts. Managing external and internal public debt. Managing monetary policy. Carrying out researches and planning concerning the development of the banking system. To be the Bank of banks keeping their reserves in safe custody, to be the lender of last resort, and to be a Clearing House. Managing credit as the Central Bank determines general and sector credit ceilings.
Address: Gamaa Avenue P. O. Box: 313 Khartoum, Phone: 00249 11 778064
