Saudi, European banks halt Sudanese transactions

Saudi Arabia and some European banks will halt their transactions with Sudanese banks from 28 February onwards, according to economic sources in Khartoum. “Some banks in Europe and Saudi Arabia have announced suspension of their dealings with Sudanese banks”, the Central Bank of Sudan stated in a press release on Wednesday. “The decision is related to internal procedures within the framework of institutional control at those banks. This is normal in the field of banking that experiences continuous changes. Associates enter, and others exit.” The bank explained in the press release that the Sudanese banks have a diverse network of associated banks in the Arab region, Europe, and Asia that “can help” facilitate foreign trade transactions. In December last year, Radio Dabanga reported that the Central Bank of Sudan devalued the Pound by 22.6 percent against the US Dollar in November, the second such move in just over a year. The scarcity of US Dollars had prompted the Sudanese Central Bank to start using-up the general reserves of commercial banks, which are meant to be kept as deposits with the Central Bank. File photo: Central Bank of Sudan (newspapersafrica.com) Related: New head Central Bank Sudan (16 December 2013)