Bank of Sudan

The decks for the establishment of the Bank of Sudan were cleared with the promulgation of the Law of Bank of Sudan in 1959. The Bank of Sudan commenced its functions in February 1960. By the nature of its formation, the bank is a juridical person having an independent status.

The objectives of the Bank of Sudan are:

The decks for the establishment of the Bank of Sudan were cleared with the promulgation of the Law of Bank of Sudan in 1959. The Bank of Sudan commenced its functions in February 1960. By the nature of its formation, the bank is a juridical person having an independent status.

The objectives of the Bank of Sudan are:

• To regulate the issuance of currency and coins
• To regulate and monitor the activities of the banking system in the country
• To ensure the financial stability in the country
• To ensure the systematic and balanced development of the Sudanese economy
• To consolidate the external currency stability
• Act as the banker to the government and as advisor in the financial affairs

The law therefore requires the bank to carry out the following functions:

• Issue paper currency and coins and control its circulation
• Managing external and internal public debt
• Formulating and implementing the monetary policy
• Carrying out researches and planning in order to facilitate the smooth development of the economy
• To act as the banker to the banks and other financial institutions
• Managing the volume of credit in circulation in the country

It is important to mention here that after the Islamization of the Banking system in Sudan, the Bank of Sudan has done away with the treasury bills and government bonds instruments on which interest rates were applicable. In lieu of these interest bearing instruments the bank has issued financial certificates that conform to the Islamic financial system.

The Address and Contact details of the bank is as follows:

Bank Sudan

Address: P.O. Box 313 Khartoum SUDAN
Phone No.: ++249-11-801 23
Fax: ++249-11-785 47