- Bank of Sudan
Bank of Sudan is the
central bankof the Sudan. The bank was formed in 1960, four years after Sudan's independence. It is located in Khartoumand its governor is currently Sabir Mohammed Hassan.
When Sudan achieved
independencein 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 1960the Bank of Sudan began operations. To establish the bank, the Sudanese government nationalized the National Bank of Egypt's operations in the Sudan (some seven branches), and combined them with the Sudanese currency board.
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 policyand interest rates, Sudan's central bank also has responsibilities to implement Islamic banking law.
In 1965, Bank of Sudan and
Crédit Lyonnaisformed a joint-venture bank name Al/An/El Nilein Bank (Nile Bank). Crédit Lyonnais contributed the two branches it had developed since it first entered Sudan in 1953. Bank of Sudan took 60 percent of the shares in Nilein Bank, and Crédit Lyonnais took 40 percent.
In 1970, the Sudanese government nationalized all the banks in the Sudan, changed the names of several, and put them under the Bank of Sudan. Barclays Bank, which had an extensive network of 24 branches, became the State Bank of Foreign Trade, and then
Bank of Khartoum. The six branches of Egypt's Bank Misrbecame People's Cooperative Bank.The four branches of Jordan's Arab Bankbecame Red Sea Bank or Red Sea Commercial Bank (accounts differ). Commercial Bank of Ethiopia's one branch became Juba Commercial Bank. National and Grindlays Bank, which in 1969 had taken over the four branches that Ottoman Bank had established after it entered in 1949, became Omdurman Bank. In 1973 Red Sea Bank and People's Cooperative Bank were merged into Omdurman Bank. Then in 1984 Omdurman Bank merged with the Juba Commercial Bank to form Unity Bank.
In 1993, Al/An/El Nilein Bank merged with the Industrial Bank of Sudan to form Nilein Industrial Development Bank. In 2006, Dubai-based Emaar Properties and Amlak Finance acquired a 60% stake in Sudan’s El Nilein Industrial Development Bank; the Bank of Sudan retained a 40% stake.
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 billsand government bondsare not being sold by the government to raise money; instead, the Bank sells "Financial Certificates" that comply with Islamic financial principles.
As far as the current state of the Sudanese banking and financial situation is concerned,the bank's "About Bank of Sudan" section states:
":Since the beginning of the Three Year Economic Program (1990-1993), the Bank of Sudan has carried out policies that aim to revitalize the Sudanese
economy, the last of which was the credit policy of 2000 which was based on the following: -"
supply sidemeasures and monetary stability better to utilize banking resources by stressing financing of priority economic priority sectors, and continuation of streamlining general supply policies.":# "Continuation of the social support program for the benefit of the poor families in accordance with the national mobilization project for social securityand for the improvement of productivity.":# "Continuation of 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
Alaskain the United States, the central bank has a branch bank system:
*The Main Branch - Khartoum
*Wad Madani Branch
*El Gadarif Branch
*El Obied Branch
*Port Sudan Branch
*El Fashir Branch
*Wau Branch List of governors of the Bank of Sudan
Mamoun Ahmed A. Behairy1959 - 1963
Elsayid Elfeel1964 - 1967
Abdelrahim Mayrgani1967 - 1970
Abdelateef Hassan1970 - 1971
Awad Abdel Magied Aburiesh1971- 1972
Ibrahim Mohammed Ali Nimir1973 - 1980
Elsaikh Hassan Belail1980 - 1983
Faroug Ibrahim Elmagbool1983 - 1985
Ismail el-misbah Mekki hamad1985 - 1988
Mahdi Elfaky Elshaikh1988 - 1990
Elshaik SidAhmed Elshaikh1990 - 1993
Sabir Mohammed Hassan1993 - 1996
Abdall Hassan Ahmed1996 - 1998
*Sabir Mohammed Hassan 1998 - "currently serving a second term"
Kaikati, Jack G. 1980. The Economy of Sudan: A Potential Breadbasket of the Arab World? "International Journal of Middle East Studies" 11, 99-123.
Central banks and currencies of Africa
Economy of Sudan
List of central banks
Sudanese dinar, the former currency
Sudanese pound, the current currency
* [http://www.bankofsudan.org/ ar icon en icon Official site: Bank of Sudan]
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