Central Bank of Sudan issues new bans for financial violations

The Central Bank of Sudan has comprehensively banned 23 companies and 19 individuals for banking violations in a move the bank say is part of the director’s powers under the Banking Regulatory Act.

The Central Bank earlier issued banning lists of 53 major companies operating in the export sector because of alleged non-commitment to repayment of issued proceeds.

The bank also issued a banning list of 32 fake medicine import companies for allegedly abusing the rule that states that “10 per cent of the proceeds of non-petroleum exports can be used for the import of medicines for purposes other than the import of medicines worth $230 million”.

Following the declaration of the State of Emergency on February 22, Sudan’s President Omar Al Bashir has issued several Emergency Orders and established Emergency Courts to handle violations. Emergency Order 3 specifically regulates the handling of foreign exchange.