The Central Bank of Sudan ( ar, بنك السودان المركزي) is the
central bank
A central bank, reserve bank, or monetary authority is an institution that manages the currency and monetary policy of a country or monetary union,
and oversees their commercial banking system. In contrast to a commercial bank, a central ba ...
of
Sudan
Sudan ( or ; ar, السودان, as-Sūdān, officially the Republic of the Sudan ( ar, جمهورية السودان, link=no, Jumhūriyyat as-Sūdān), is a country in Northeast Africa. It shares borders with the Central African Republic t ...
. The bank was formed in 1960, four years after Sudan's independence. It is located in the capital
Khartoum
Khartoum or Khartum ( ; ar, الخرطوم, Al-Khurṭūm, din, Kaartuɔ̈m) is the capital of Sudan. With a population of 5,274,321, its metropolitan area is the largest in Sudan. It is located at the confluence of the White Nile, flowing n ...
.
History
When Sudan achieved
independence
Independence is a condition of a person, nation, country, or state in which residents and population, or some portion thereof, exercise self-government, and usually sovereignty, over its territory. The opposite of independence is the statu ...
in 1956, the creation of a central bank was a priority. A 3-man commission of experts from the United States's
Federal Reserve
The Federal Reserve System (often shortened to the Federal Reserve, or simply the Fed) is the central banking system of the United States of America. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a ...
, worked with Sudanese government and finance specialists to create the
Law of the Bank of Sudan for 1959, and in 1960 the 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 normal duties of a central bank, which may include
minting coins
A mint is an industrial facility which manufactures coins that can be used as currency.
The history of mints correlates closely with the history of coins. In the beginning, hammered coinage or cast coinage were the chief means of coin minting ...
and
issuing banknotes, managing a country's internal and external
accounting
Accounting, also known as accountancy, is the measurement, processing, and communication of financial and non financial information about economic entities such as businesses and corporations. Accounting, which has been called the "languag ...
, and setting
monetary policy
Monetary policy is the policy adopted by the monetary authority of a nation to control either the interest rate payable for very short-term borrowing (borrowing by banks from each other to meet their short-term needs) or the money supply, often a ...
and
interest rates
An interest rate is the amount of interest due per period, as a proportion of the amount lent, deposited, or borrowed (called the principal sum). The total interest on an amount lent or borrowed depends on the principal sum, the interest rate, th ...
, Sudan's central bank is also responsible for fostering
Islamic banking
Islamic banking, Islamic finance ( ar, مصرفية إسلامية), or Sharia-compliant finance is banking or financing activity that complies with Sharia (Islamic law) and its practical application through the development of Islamic economic ...
.
After Sudan introduced Islamic law (
Sharia
Sharia (; ar, شريعة, sharīʿa ) is a body of religious law that forms a part of the Islamic tradition. It is derived from the religious precepts of Islam and is based on the sacred scriptures of Islam, particularly the Quran and the H ...
) in 1984, the banking and financial industry changed its practices to conform with Sharia. In 1993 the government established the
Sharia High Supervisory Board (SHSB) to ensure compatibility of financial practices with Islamic principles. In compliance with the SHSB, the government is no longer selling
treasury bills
United States Treasury securities, also called Treasuries or Treasurys, are government debt instruments issued by the United States Department of the Treasury to finance government spending as an alternative to taxation. Since 2012, U.S. gov ...
and
government bonds
A government bond or sovereign bond is a form of bond issued by a government to support public spending. It generally includes a commitment to pay periodic interest, called coupon payments'','' and to repay the face value on the maturity date ...
; instead, the Bank sells "Financial Certificates" that comply with Islamic financial principles.
Banking history
In 1965, Bank of Sudan and
Crédit Lyonnais
The Crédit Lyonnais (, "Lyon Credit ompany) was a major French bank, created in 1863 and absorbed by former rival Crédit Agricole in 2003. Its head office was initially in Lyon but moved to Paris in 1882. In the early years of the 20th cent ...
formed a joint-venture bank named 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
Bank of Khartoum (BOK), is the largest bank in Sudan. With some 111 or more branches, it is also the commercial bank with the oldest continuous history in the country. The largest single shareholder is Dubai Islamic Bank. In 2011 the government o ...
. The six branches of Egypt's
Bank Misr
Banque Misr ( ar, بنك مصر) is an Egyptian bank co-founded by industrialist Joseph Aslan Cattaui Pasha and economist Talaat Harb Pasha in 1920. The government of the United Arab Republic nationalized the bank in 1960. The bank has branch ...
became
People's Cooperative Bank. The four branches of Jordan's
Arab Bank
Arab Bank is one of the largest financial institutions in the Middle East, founded in 1930 in Jerusalem, Mandatory Palestine, as the first private sector financial institution in the Arab world. Headquartered today in Amman, Jordan, it serves c ...
became Red Sea Bank or Red Sea Commercial Bank (accounts differ).
Commercial Bank of Ethiopia
The Commercial Bank of Ethiopia (CBE) is the largest commercial bank in Ethiopia. As of June 2021, it had about 1.1 trillion birr in assets and held approximately 67% of deposits and about 53% of all bank loans in the country. The bank has aroun ...
'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.
Operations
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
An economy is an area of the production, distribution and trade, as well as consumption of goods and services. In general, it is defined as a social domain that emphasize the practices, discourses, and material expressions associated with the ...
, the last of which was the credit policy of 2000 which was based on the following:
#Emphasizing
supply side
Supply-side economics is a Macroeconomics, macroeconomic theory that postulates economic growth can be most effectively fostered by Tax cuts, lowering taxes, Deregulation, decreasing regulation, and allowing free trade. According to supply-sid ...
measures 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 security
Welfare, or commonly social welfare, is a type of government support intended to ensure that members of a society can meet basic human needs such as food and shelter. Social security may either be synonymous with welfare, or refer specificall ...
and 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
The foreign exchange market (Forex, FX, or currency market) is a global decentralized or over-the-counter (OTC) market for the trading of currencies. This market determines foreign exchange rates for every currency. It includes all as ...
according to the regulations issued by the Bank of Sudan.
Financial inclusion
The Bank is engaged in developing policies to promote
financial inclusion
Financial inclusion is defined as the availability and equality of opportunities to access financial services. It refers to a process by which individuals and businesses can access appropriate, affordable, and timely financial products and service ...
and is a member of the Alliance for Financial Inclusion.
Branches of the Central Bank of Sudan
As the country of Sudan is about 1½ times the
area
Area is the quantity that expresses the extent of a region on the plane or on a curved surface. The area of a plane region or ''plane area'' refers to the area of a shape
A shape or figure is a graphics, graphical representation of an obje ...
of the state of
Alaska
Alaska ( ; russian: Аляска, Alyaska; ale, Alax̂sxax̂; ; ems, Alas'kaaq; Yup'ik: ''Alaskaq''; tli, Anáaski) is a state located in the Western United States on the northwest extremity of North America. A semi-exclave of the U.S., ...
in the United States, the central bank has a
branch bank system:
* The Main Branch —
Khartoum
Khartoum or Khartum ( ; ar, الخرطوم, Al-Khurṭūm, din, Kaartuɔ̈m) is the capital of Sudan. With a population of 5,274,321, its metropolitan area is the largest in Sudan. It is located at the confluence of the White Nile, flowing n ...
*
Wad Madani
Wad Madani ( ar, ود مدني, Wad Madanī) or Madani is the capital of the Al Jazirah state in east-central Sudan.
"Wad Madani" (population), Microsoft Encarta, Online Encyclopedia 2001.
Wad Madani lies on the west bank of the Blue Nile, n ...
Branch
*
Kosti Branch
*
Atbara
Atbara (sometimes Atbarah) ( ar, عطبرة ʿAṭbarah) is a city located in River Nile State in northeastern Sudan.
Because of its links to the railway industry, Atbara is also known as the "Railway City'.
As of 2007, its population is 11 ...
Branch
*
Al Qadarif
El-Gadarif ( ar, القضارف '), also spelt ''Gedaref'' or ''Gedarif'', is the capital of the state of Al Qadarif in Sudan. It lies on the road that connects Khartoum with Gallabat on the Ethiopian border, about from the capital.
Overview
...
Branch
*
Nyala
The lowland nyala or simply nyala (''Tragelaphus angasii'') is a spiral-horned antelope native to southern Africa. It is a species of the family Bovidae and genus ''Tragelaphus'', previously placed in genus ''Nyala''. It was first described in ...
Branch
*
Juba
Juba () is the capital and largest city of South Sudan. The city is situated on the White Nile and also serves as the capital of the Central Equatoria State. It is the world's newest capital city to be elevated as such, and had a populatio ...
Branch
*
Al-Ubayyid
El-Obeid ( ar, الأبيض, ''al-ʾAbyaḍ'', lit."the White"), also romanized as Al-Ubayyid, is the capital of the state of North Kurdufan, in Sudan.
History and overview
El-Obeid was founded by the pashas of Ottoman Egypt in 1821. It was ...
Branch
*
Dongola
Dongola ( ar, دنقلا, Dunqulā), also spelled ''Dunqulah'', is the capital of the state of Northern Sudan, on the banks of the Nile, and a former Latin Catholic bishopric (14th century). It should not be confused with Old Dongola, an ancien ...
Branch
*
Port Sudan
Port Sudan ( ar, بور سودان, Būr Sūdān) is a port city in eastern Sudan, and the capital of the state of Red Sea. , it has 489,725 residents. Located on the Red Sea, Port Sudan is recognized as Sudan's main seaport and the source of 90% ...
Branch
*
Al-Fashir
Al Fashir, Al-Fashir or El Fasher ( ar, الفاشر) is the capital city of North Darfur, Sudan. It is a large town in the Darfur region of northwestern Sudan, northeast of Nyala, Sudan.
"Al-Fashir" (description)
''Encyclopædia Britann ...
Branch
*
Wau Branch
*
Malakal
Malakal is a city in South Sudan. It is the capital of Upper Nile State, South Sudan, along the White Nile River. It also serves as the headquarter of Malakal county and it used to be the headquarter of Upper Nile Region from 1970s to late 1990s.
...
Branch
List of governors of the Central Bank of Sudan
*
Mamoun Beheiry
Mamoun Ahmed Abdel Wahab Beheiry (October 1925 – August 2002) was a Sudanese economist, known for his contributions to African and Arab banking establishments.
Education
Following earlier education at Wad Madani primary schools, Beheiry a ...
1959–1963
*
Elsayid Elfeel 1964–1967
*
Abdelrahim Mayrgani 1967–1970
*
Abdelateef Hassan 1970–1971
*
Awad Abdel Magied Aburiesh 1971–1972
*
Ibrahim Mohammed Ali Nimir
Ibrahim ( ar, إبراهيم, links=no ') is the Arabic name for Abraham, a Biblical patriarch and prophet in Islam.
For the Islamic view of Ibrahim, see Abraham in Islam.
Ibrahim may also refer to:
* Ibrahim (name), a name (and list of people ...
1973–1980
*
Elsheikh Hassan Belail 1980–1983
*
Faroug Ibrahim Elmagbool 1983–1985
*
Ismail el-misbah Mekki hamad 1985–1988
*
Mahdi Elfaky Elshaikh
The Mahdi ( ar, ٱلْمَهْدِيّ, al-Mahdī, lit=the Guided) is a messianic figure in Islamic eschatology who is believed to appear at the end of times to rid the world of evil and injustice. He is said to be a descendant of Muhammad w ...
1988–1990
*
Elshaik SidAhmed Elshaikh 1990–1993
*
Sabir Mohammed El-Hassan 1993–1996
*
Abdall Hassan Ahmed 1996–1998
*
Sabir Mohammed El-Hassan 1998-2011
*
Mohamed Kheir El-Zubeir
Muhammad was an Islamic prophet and a religious and political leader who preached and established Islam.
Muhammad and variations may also refer to:
*Muhammad (name), a given name and surname, and list of people with the name and its variations
...
8/3/2011 - 15/12/2013
*
Abdelrahman Hassan Abdelrahman Hashim 15/12/2013 - 28/12/2016
*
Hazim Abdegadir Ahmed Babiker 28/12/2016 - 16/6/2018
*
Mohamed Kheir El-Zubeir
Muhammad was an Islamic prophet and a religious and political leader who preached and established Islam.
Muhammad and variations may also refer to:
*Muhammad (name), a given name and surname, and list of people with the name and its variations
...
16/09/2018 - 6/03/2019
*
Hussein Yahya Jangoul al-Basha
Hussein, Hussain, Hossein, Hossain, Huseyn, Husayn, Husein or Husain (; ar, حُسَيْن ), coming from the triconsonantal root Ḥ-S-i-N ( ar, ح س ی ن, link=no), is an Arabic name which is the diminutive of Hassan, meaning "good", "h ...
03/2019 - 10/12/2019
*
Mohamed Elfatih Zein al-Abdein
Muhammad was an Islamic prophet and a religious and political leader who preached and established Islam.
Muhammad and variations may also refer to:
*Muhammad (name), a given name and surname, and list of people with the name and its variations
...
19/03/2020 -
*
Hussein Yahya Jangoul al-Basha
Hussein, Hussain, Hossein, Hossain, Huseyn, Husayn, Husein or Husain (; ar, حُسَيْن ), coming from the triconsonantal root Ḥ-S-i-N ( ar, ح س ی ن, link=no), is an Arabic name which is the diminutive of Hassan, meaning "good", "h ...
02/2022 -
Source:
Sources
Kaikati, Jack G. 1980. The Economy of Sudan: A Potential Breadbasket of the Arab World? ''International Journal of Middle East Studies'' 11, 99-123.
See also
*
Sudanese pound
The Sudanese pound (Arabic: ; abbreviation: LS in Latin, in Arabic, historically also £Sd; ISO code: SDG) is the currency of the Republic of the Sudan. The pound is divided into 100 piastres (or ''qirsh'' () in Arabic). It is issued by the ...
*
Sudanese dinar
The dinar was the currency of Sudan between 1992 and 2007. Its ISO 4217 code was "SDD" and had no official subdivision. It replaced the first Sudanese pound and, in turn, was replaced by the second Sudanese pound.
History
The dinar replaced ...
*
Economy of Sudan
The economy of Sudan has boomed on the back of increases in oil production, high oil prices, and large inflows of foreign direct investment until the second half of 2002. GDP growth registered more than 10% per year in 2006 and 2007. From 1997 t ...
*
List of central banks of Africa
There are two African currency unions associated with multinational central banks; the West African Banque Centrale des États de l'Afrique de l'Ouest (BCEAO) and the Central African Banque des États de l'Afrique Centrale (BEAC). Members of both ...
*
List of central banks
.
Central banks
Central banks
Central banks
This is a list of central banks. Countries that are only partially recognized internationally are marked with an asterisk (*).
Disappeared central banking jurisdictions
* – Bank of Amsterdam (1609- ...
References
External links
*
{{DEFAULTSORT:Bank Of Sudan
Economy of Sudan
Government agencies of Sudan
Sudan
Sudan ( or ; ar, السودان, as-Sūdān, officially the Republic of the Sudan ( ar, جمهورية السودان, link=no, Jumhūriyyat as-Sūdān), is a country in Northeast Africa. It shares borders with the Central African Republic t ...
Banks of Sudan
Banks established in 1960
Khartoum
1960 establishments in Sudan