CBoS Takes Regulatory Action Against Banks Over Foreign Exchange Violations

Sudanhorizon – Hala Hamza

The Central Bank of Sudan has announced regulatory measures against several commercial banks for violations related to foreign exchange transactions, as part of its legal mandate to safeguard the stability of the foreign exchange market, curb practices that undermine exchange rate stability, and strengthen the efficiency of banking operations.

In a statement, the Central Bank said the regulatory and administrative actions were taken following inspections and supervisory reviews that identified violations of the regulations and circulars governing foreign exchange operations.

The measures include suspending two banks from conducting banking procedures related to export and import transactions. The Bank also imposed administrative sanctions on several employees, including the dismissal of some staff members and the referral of others for investigation, in accordance with applicable banking laws and regulations.

The Central Bank emphasized that these actions are part of its broader policy to strengthen oversight of foreign exchange transactions and prevent practices that could disrupt the foreign exchange market or undermine the efficient allocation of foreign currency resources.

According to the statement, the measures are intended to support exchange rate stability, reinforce discipline in the foreign exchange market, enhance the soundness and stability of the banking sector, and protect the national economy.

The Central Bank reaffirmed its commitment to continuing its supervisory and regulatory role and said it will take appropriate action against any institution under its oversight found to be in violation of applicable laws, regulations, or official directives, in order to preserve monetary and financial stability.

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