Central Bank of Sudan Engages in Strategic Talks with Commercial Bank Leaders

Khartoum: Governor of the Central Bank of Sudan (CBOS), Amina Mirghani Hassan Al-Tom, convened a meeting at the Bank's headquarters with the General Managers of commercial banks operating within the country. The meeting focused on the Central Bank's strategies to stabilize the exchange rate amid ongoing economic challenges.According to Sudan News Agency, the CBOS Governor provided an in-depth briefing on the Bank's initiatives aimed at stabilizing the exchange rate by injecting foreign currency into the banking sector to fulfill importers' financing needs. She highlighted the necessity of close cooperation between the Central Bank and commercial banks to meet the goals of monetary policy. This meeting is part of the Central Bank's broader strategy to strengthen its exchange rate stabilization efforts.The Governor noted that the Central Bank's market interventions have led to a decline in the exchange rate, emphasizing the commitment to continue foreign currency injections until the market normalizes. She urged commercial banks to regularly submit their clients' foreign currency financing requests for imports.Additionally, the Governor announced efforts to establish correspondent banking relationships with Oman, Qatar, and Saudi Arabia to facilitate trade through Sudan's formal banking system. She stressed that the success of monetary policies relies on coordination between the Central Bank and commercial banks, calling for professionalism and responsibility to ensure effectiveness.Al-Tom reiterated the Central Bank's dedication to addressing challenges in the banking sector, maintaining ongoing monitoring of exchange rate movements, and adopting measures to enhance market stability. The meeting also covered other issues relevant to Central Bank and commercial bank operations.Chairman of the Sudanese Banks Union, Abbas Abdullah, praised the Central Bank's consultative approach and its role in economic stability in the post-war period. He highlighted the importance of upgrading banks' anti-money launderin g systems and acknowledged the Central Bank's efforts in regulating the foreign exchange market.The meeting concluded with bank general managers recognizing the positive impact of the Central Bank's foreign currency injections and expressing support for its policies. They conveyed confidence that these efforts would bolster economic stability and aid in the country's recovery.