Sudan International Banking Relations

Mohamed Abdalla

Since 1997 Sudan has entered a new economic era affected by the unilateral economic sanctions imposed by the United States of America, the succeeded US administrations were renewed the sanctions every year, but in 2017 Obama administration has decided to lift sanctions partially, in 6th of October 2018 Trump has announced the total lifting of sanctions, the relations between Khartoum and Washington were witnessed progress, the two governments exchanged visits, businessmen and investment companies were prepared plans to run business in Sudan, the lifting of sanctions welcomed, domestically, regionally and internationally.
More than one year, the old of lifting sanctions and the economic situation still deteriorating, economists in Sudan attributed the economic crisis of Sudan to the internal policies which affected by mismanagement and corruption, but I think the main reason behind the current economic situation is the impact of the sanctions that isolated Sudan from the international banking system, to put Sudan on the list of countries that banned to deal with international banks is nly obstacle stands on the way of reformation, Sudan foreign trade activities affected by the US sanctions.
The influence of US internationally qualified it to convince many countries not to transfer or receive money from Sudan, even friendly countries, the fact is that US pressure on international banks and companies still operating, so the economic movement in Sudan can’t improve unless the government persuade the international community that US contradicts itself, the Central Intelligence Agency has reported that Sudan has contributed effectively to combat terrorism, all the statements of officials prove that Sudan has no longer associated with terror acts, the matter that let Sudanese people raise questions why do US punish the ordinary peoples not the governments? The UN has trusted officials to find out the impact of sanctions on the livelihood, they submitted their reports that sanctions has paralyzed the daily movement of life in Sudan. In 2018 US lifted the sanctions but kept Sudan on the list of countries sponsored terrorism.
It connected the future of Sudan economy to “terror” act which bans Sudan from money transactions, a lot of damages occurred, so I do believe that the only reason that hinders the economy is banning from money transaction, billions of dollars were circulated out the bank system, before that nearly US$ 11 billion used to enter Sudan as remittances, Sudanese expatriates worry about banning from banking system, the volume of trade exchange was narrowed, all these reasons caused scarcity in hard currency which contributed to increase inflation and instability of prices alongside unemployment.
The priority should be focused releasing the money movement, the key player in complicating Sudan economic issues is US, a serious negotiation with US is an urgent demand to address the crisis, it is difficult to restore power to Sudan business without accessing to international banking system.
The reluctant of international business and investment refer to the difficulties of capitals movement, Sudan is rich of resources, but it doesn’t operate with interacting internationally.

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