Portsudan: The Governor of the Central Bank of Sudan (CBoS), Barai Siddiq, convened a significant meeting at the Portsudan Branch’s Headquarters with commercial bank general managers to discuss the final arrangements for the currency replacement and mobilization of the banking sector’s resources.

According to Sudan News Agency, the Governor explained that the currency replacement process involves depositing the 1000- and 500-pound denominations into bank accounts. He directed the banking sector to elevate its readiness to 100% by reopening branches in safe areas, extending working hours, increasing service windows, and enhancing both human and logistical capacities. Coordination with security committees in the states to bolster security was also emphasized.

Siddiq highlighted that while this initiative addresses large-scale plundering and counterfeiting by the rebel Rapid Support Forces (RSF) militia, it also offers an opportunity for the banking sector to recover from war impacts, strengthen confidence in
the national currency, and advance financial inclusion.

In collaboration with the Ministry of Culture and Information, the CBoS governor announced a media campaign to educate citizens on the significance of opening bank accounts for currency exchange and benefiting from banking services. Banks were urged to participate actively in these efforts to attract more customers.

The Head of the Sudanese Banks Union, Abbas Abdullah Abbas, affirmed the banking sector’s readiness to support CBoS efforts, commending the Central Bank’s regulatory measures aimed at recovery from war effects. He reiterated the banks’ commitment to implementing the currency replacement plan successfully.

The meeting resulted in an agreement on the necessity of simplifying bank account opening procedures, increasing service windows, and accelerating the integration of banking systems to activate electronic payments and facilitate interbank transfers.

The CBoS governor concluded by requesting urgent reports from banks on their readiness pl
ans, acknowledging the currency replacement as a significant challenge but a necessary action under the current circumstances. He expressed gratitude to bank managers for their swift response, emphasizing that collaboration is crucial to ensuring the process’s success and contributing to the national economy’s stability and confidence in the currency.