Economic Vision: The Banking System in Sudan and Trust Building

The traditional banking system was inherited from the Anglo-Egyptian condominium (1889-1955) before independence of Sudan in early 1956 .Later in February 1960, the Bank of Sudan began acting as Central Bank of Sudan CBOS. Issuing currency, assisting the development of banks, providing loans, maintaining financial equilibrium, and advising the government .
The CBOS was introduced Islamic law (Sharia) in 1984 during the former regime of Jaffar Mohamed Numeri who ruled Sudan from 1969- 1985 .The banking and financial industries changed its practices to conform with Sharia.
Since that time up to now the strategies policies of the CBS had affected with the policies of the different governments ruled Sudan for more than 63 years. During the former governments Sudanese Pound witnessed some sort of stability in its exchange rate in compare with the hard currencies.
Sudanese economy had witnessed ups and downs due to the different governments with different financial policies, which led to the increase of inflation rate. The inflation rate in Sudan was recorded at 45, 40% in March 2019. Its average in Sudan estimated at 32, 39% from 1971-2019.
The recent economic difficulties represented in the lack of fuel, food and cash are considered the three pillars of the economic issues hit Sudan due to the mismanagement of the 30 years of the rule of former president Al Bashir . Lack of liquidity or cash created some kind of lack credibility and trust on the banking system in Sudan.
Statistics and reports indicted to that 80% of the cash outside the banking system. Nobody body knows the exact volume of the total amount of money in the different banks. As we mentioned in the first paragraph that the banking system is advising the government, the situation is totally different in Sudan during the last 30 years of the former regime, where the government is completely interfered in the policies and plans of the Central Bank of Sudan. This mismanagement of financing practices had its impact on the economy and on the banking system in particular.
The banking system in a bad need to reform and rehabilitation. It is one of the requirements in the new Sudan of the 11th April 2019. The Transitional Military Council TMC during this period expected to exert more efforts to sweep the dirtiness in the banking system. To apply the qualified bankers and banking experts at the top administrations of the different banks.
Let us share the responsibility in curbing corruption wherever it can be found. Let us present the correct image about the banking system. Let us build a real bridge of trust with the banking system.

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