Central Bank of Sudan Completes Technical Preparations for Currency Replacement

Port Sudan – Sudanhorizon

The Central Bank of Sudan has announced the completion of its technical preparations for replacing the new currency in denominations of 500 and 1000 Sudanese pounds by setting up cash counting machines and counterfeit detection devices.

A statement issued by the Media Committee for the currency replacement at the Central Bank of Sudan on Thursday indicated that the Bank had completed its preparations for the transportation of the new currency. The Central Bank also issued various directives to commercial banks to prepare for receiving individuals wishing to open accounts and to simplify procedures, especially after linking the process to the civil registry.

The statement noted that the currency replacement process will cover a large number of states and will continue until it is fully completed. This time, the process will be overseen by a high-level committee headed by Sovereign Council Member Major General Engineer Ibrahim Jaber and another committee chaired by the Minister of Finance. Both committees include the Governor of the Central Bank of Sudan and several other relevant ministries and agencies.

Additionally, the Central Bank has formed several internal committees to implement the currency replacement, including an operations and monitoring room to facilitate procedures and oversee the progress of the replacement process in its various stages.

The Central Bank described the currency replacement as a vital step to protect the national currency by curbing inflation, controlling the exchange rate, safeguarding the overall economy, and mobilising resources.

The Bank emphasised the importance of encouraging people to deal with the country’s operating banks to protect their savings and integrate them into the financial inclusion system by using electronic payment methods, where possible, in their transactions and to facilitate their services.

This replacement process differs from previous experiences, as it will be conducted through public bank accounts. The Central Bank is also running an extensive media campaign using all official and popular media outlets to inform and educate people, urging them to open accounts, particularly those who do not have accounts in banks.