Central Bank of Sudan

Central Bank of ٍSudan (CBOS)
بنك السودان المركزي

Headquarters	Khartoum
Coordinates	Coordinates: 15°36′15″N 32°30′15″E / 15.60417°N 32.50417°E / 15.60417; 32.50417
Established	1960
Ownership	Government of Sudan
Governor	Mohammad Khair Al Zubair
Central bank of	Sudan
Currency	Sudanese pound SDG (ISO 4217)
Website	www.bankofsudan.org

The Central Bank of Sudan is the central bank of Sudan. The bank was formed in 1960, four years after Sudan's independence. It is located in Khartoum and its governor is currently Mohamed Kheir El-Zubeir.

History

When Sudan achieved independence in 1956, the creation of a central bank was a priority. A 3-man commission of experts from the United States's Federal Reserve, worked with Sudanese government and finance specialists to create the Law of the Bank of Sudan for 1959, and in 1960 the Bank of Sudan began operations. To establish the bank, the Sudanese government nationalized the National Bank of Egypt's operations in the Sudan (some seven branches), and combined them with the Sudanese currency board.

In addition to the normal duties of a central bank, which may include minting coins and issuing banknotes, managing a country's internal and external accounting, and setting monetary policy and interest rates, Sudan's central bank is also responsible for fostering Islamic banking.

After Sudan introduced Islamic law (Sharia) in 1984, the banking and financial industry changed its practices to conform with Sharia. In 1993 the government established the Sharia High Supervisory Board (SHSB) to ensure compatibility of financial practices with Islamic principles. In compliance with the SHSB, the government is no longer selling treasury bills and government bonds; instead, the Bank sells "Financial Certificates" that comply with Islamic financial principles.

Banking history

In 1965, Bank of Sudan and Crédit Lyonnais formed a joint-venture bank name Al/An/El Nilein Bank (Nile Bank). Crédit Lyonnais contributed the two branches it had developed since it first entered Sudan in 1953. Bank of Sudan took 60 percent of the shares in Nilein Bank, and Crédit Lyonnais took 40 percent.

In 1970, the Sudanese government nationalized all the banks in the Sudan, changed the names of several, and put them under the Bank of Sudan. Barclays Bank, which had an extensive network of 24 branches, became the State Bank of Foreign Trade, and then Bank of Khartoum. The six branches of Egypt's Bank Misr became People's Cooperative Bank. The four branches of Jordan's Arab Bank became Red Sea Bank or Red Sea Commercial Bank (accounts differ). Commercial Bank of Ethiopia's one branch became Juba Commercial Bank. National and Grindlays Bank, which in 1969 had taken over the four branches that Ottoman Bank had established after it entered in 1949, became Omdurman Bank. In 1973 Red Sea Bank and People's Cooperative Bank were merged into Omdurman Bank. Then in 1984 Omdurman Bank merged with the Juba Commercial Bank to form Unity Bank.

In 1993, Al/An/El Nilein Bank merged with the Industrial Bank of Sudan to form Nilein Industrial Development Bank. In 2006, Dubai-based Emaar Properties and Amlak Finance acquired a 60% stake in Sudan’s El Nilein Industrial Development Bank; the Bank of Sudan retained a 40% stake.

Operations

As far as the current state of the Sudanese banking and financial situation is concerned,the bank's "About Bank of Sudan" section states:

Since the beginning of the Three Year Economic Program (1990–1993), the Bank of Sudan has carried out policies that aim to revitalize the Sudanese economy, the last of which was the credit policy of 2000 which was based on the following:

Emphasizing supply side measures and monetary stability better to utilize banking resources by stressing financing of priority economic priority sectors, and continuation of streamlining general supply policies.
Continuation of the social support program for the benefit of the poor families in accordance with the national mobilization project for social security and for the improvement of productivity.
Continuation of financing public corporations through the banks without recourse to the Bank of Sudan for direct financing.
Allowing the commercial banks to offer financing in foreign exchange according to the regulations issued by the Bank of Sudan.

Financial inclusion

The Bank is engaged in developing policies to promote financial inclusion and is a member of the Alliance for Financial Inclusion.^[1]

Branches of the Bank of Sudan

As the country of Sudan is about 1½ times the area of the state of Alaska in the United States, the central bank has a branch bank system:

The Main Branch — Khartoum
Wad Madani Branch
Kosti Branch
Atbara Branch
Al Qadarif Branch
Nyala Branch
Juba Branch
Al-Ubayyid Branch
Dongola Branch
Port Sudan Branch
Al-Fashir Branch
Wau Branch
Malakal Branch

List of governors of the Bank of Sudan

Mamoun Beheiry 1959–1963
Elsayid Elfeel 1964–1967
Abdelrahim Mayrgani 1967–1970
Abdelateef Hassan 1970–1971
Awad Abdel Magied Aburiesh 1971–1972
Ibrahim Mohammed Ali Nimir 1973–1980
Elsheikh Hassan Belail 1980–1983
Faroug Ibrahim Elmagbool 1983–1985
Ismail el-misbah Mekki hamad 1985–1988
Mahdi Elfaky Elshaikh 1988–1990
Elshaik SidAhmed Elshaikh 1990–1993
Sabir Mohammed El-Hassan 1993–1996
Abdall Hassan Ahmed 1996–1998
Sabir Mohammed El-Hassan 1998-2011
Mohamed Kheir El-Zubeir since 2011

Sources

Kaikati, Jack G. 1980. The Economy of Sudan: A Potential Breadbasket of the Arab World? International Journal of Middle East Studies 11, 99-123.

References

↑ "AFI members". AFI Global. 2011-10-10. Retrieved 2012-02-23.

External links

Official website

Central banks

Global

Global	Bank for International Settlements Basel Committee on Banking Supervision Financial Stability Board

By continent

Africa	Bank of Central African States Central Bank of West African States Bank of Algeria National Bank of Angola Bank of Botswana Bank of the Republic of Burundi Bank of Cape Verde Central Bank of the Comoros Central Bank of the Congo Central Bank of Djibouti Central Bank of Egypt Bank of Eritrea National Bank of Ethiopia Central Bank of The Gambia Bank of Ghana Central Bank of the Republic of Guinea Central Bank of Kenya Central Bank of Lesotho Central Bank of Liberia Central Bank of Libya Central Bank of Madagascar Reserve Bank of Malawi Central Bank of Mauritania Bank of Mauritius Bank Al-Maghrib (Morocco) Bank of Mozambique Bank of Namibia Central Bank of Nigeria National Bank of Rwanda Central Bank of São Tomé and Príncipe Central Bank of Seychelles Bank of Sierra Leone Central Bank of Somalia Bank of Somaliland South African Reserve Bank Bank of South Sudan Central Bank of Sudan Central Bank of Swaziland Bank of Tanzania Central Bank of Tunisia Bank of Uganda Bank of Zambia Reserve Bank of Zimbabwe

Americas	Central Bank of Argentina Central Bank of Aruba Central Bank of The Bahamas Central Bank of Barbados Bermuda Monetary Authority Central Bank of Brazil Bank of Canada Central Bank of Chile Bank of the Republic (Colombia) Central Bank of Cuba Central Bank of Curaçao and Sint Maarten Eastern Caribbean Central Bank Cayman Islands Monetary Authority Central Bank of Ecuador Bank of Guatemala Bank of the Republic of Haiti Central Bank of Honduras Bank of Jamaica Bank of Mexico Central Bank of Nicaragua Central Reserve Bank of Peru Central Bank of Suriname Central Bank of Trinidad and Tobago Federal Reserve System (United States) Central Bank of Uruguay Central Bank of Venezuela

Asia	Da Afghanistan Bank Central Bank of Bahrain Bangladesh Bank Royal Monetary Authority of Bhutan Brunei Currency and Monetary Board Autoriti Monetari Brunei Darussalam National Bank of Cambodia People's Bank of China Hong Kong Monetary Authority Reserve Bank of India Bank Indonesia Central Bank of the Islamic Republic of Iran Central Bank of Iraq Bank of Israel Bank of Japan Central Bank of Jordan National Bank of Kazakhstan National Bank of the Kyrgyz Republic Bank of Korea Central Bank of the Democratic People's Republic of Korea Central Bank of Kuwait Banque du Liban Monetary Authority of Macao Bank Negara Malaysia Maldives Monetary Authority Bank of Mongolia Central Bank of Myanmar Nepal Rastra Bank Central Bank of Oman State Bank of Pakistan Palestine Monetary Authority Bangko Sentral ng Pilipinas Qatar Central Bank Saudi Arabian Monetary Agency Monetary Authority of Singapore Central Bank of Sri Lanka Central Bank of Syria Central Bank of the Republic of China (Taiwan) Bank of Thailand Central Bank of Turkmenistan Central Bank of the United Arab Emirates Central Bank of Uzbekistan State Bank of Vietnam Central Bank of Yemen

Europe	European Central Bank (Eurosystem) National Bank of the Republic of Abkhazia Bank of Albania Central Bank of Armenia National Bank of Austria Central Bank of Azerbaijan National Bank of the Republic of Belarus National Bank of Belgium Central Bank of Bosnia and Herzegovina Bulgarian National Bank Croatian National Bank Central Bank of Cyprus Czech National Bank Danmarks Nationalbank (Denmark) Deutsche Bundesbank (Germany) Bank of England Bank of Estonia Bank of Finland Banque de France National Bank of Georgia Bank of Greece Hungarian National Bank Central Bank of Iceland Central Bank of Ireland Banca d'Italia Central Bank of Kosovo Bank of Latvia Bank of Lithuania Central Bank of Luxembourg National Bank of the Republic of Macedonia Central Bank of Malta National Bank of Moldova Central Bank of Montenegro De Nederlandsche Bank Norges Bank Central Bank of the Turkish Republic of Northern Cyprus National Bank of Poland Banco de Portugal National Bank of Romania Central Bank of Russia National Bank of Serbia National Bank of Slovakia Bank of Slovenia Gosbank (Soviet Union) Bank of Spain Swedish National Bank Swiss National Bank Central Bank of the Republic of Turkey National Bank of Ukraine

Oceania	Reserve Bank of Australia Reserve Bank of Fiji Reserve Bank of New Zealand Bank of Papua New Guinea Central Bank of Samoa Central Bank of Solomon Islands National Reserve Bank of Tonga

Policies and implementation

Policies	Capital requirement Contractionary monetary policy Expansionary monetary policy Basel II Basel III Basel 4

Implementation	Capital control Discount rate Interest rates Money creation Open market operation Sovereign wealth fund

Bretton Woods system

International Monetary Fund World Bank Group International Bank for Reconstruction and Development International Centre for Settlement of Investment Disputes International Development Association International Finance Corporation Multilateral Investment Guarantee Agency

Lists

List of central banks Central banks and currencies of Africa Central banks and currencies of the Caribbean Central banks and currencies of Central America and South America

Names in italics indicate non-sovereign (dependent) territories, former countries, or states with limited recognition

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