CBS Wields Strict Penalties for Banks Failing to Meet Daily Clearing Requirements

Sudanhorizon – Nazik Shamam
The Central Bank of Sudan (CBS) has threatened senior bank executives with severe administrative and financial penalties if their daily clearing balances are insufficient to meet withdrawals.
A circular issued by the Bank of Sudan on Sunday – a copy of which was obtained by this publication– stressed the need for banks’ liquidity departments to fulfill their daily clearing obligations.
The circular revoked the previous circular issued on January 5, 2016, which set limits on clearing checks, and the circular issued on March 12, 2016, which outlined guidelines for collecting checks through the electronic clearing system in local currency.
The Bank of Sudan clarified that it has amended the regulations and guidelines for resuming operations under Circular No. (2 of 2017), allowing electronic clearing to be conducted seven days a week without any limits on clearing checks.

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