Return to Sound Policy: The Central Bank of Sudan Retrieves Its Economic Consciousness

By Muhannad Awad Mahmoud
Since the appointment of Dr Amna Mirghani Hassan El-Toum as Governor of the Central Bank of Sudan on 13 October, it can be said without exaggeration that the country’s foremost monetary institution has finally regained its economic composure after years of instability and confusion. Praise be to God who has lifted the burden and restored balance to Sudan’s financial consciousness.
This was not a routine administrative reshuffle — it was a turning point of deep symbolic and practical significance. Dr Amna became the first woman in Sudan’s history to assume this position, opening a new chapter that showcases the competence of Sudanese women and their ability to lead in the most complex of circumstances. At a time of war and economic collapse, Sudan needed not merely a banker, but a crisis manager — someone who understands the fragile balance between monetary policy and survival economics.
Rebuilding Trust and Institutional Stability
Upon assuming office, Dr Amna began her tenure with carefully measured steps that reflected institutional awareness and a clear grasp of the crisis at hand. Her first initiative was to meet with commercial banks, commending their resilience in maintaining the financial system under exceptional conditions, and reaffirming the Central Bank’s support for these institutions — the backbone of the national economy.
That meeting restored bridges of trust between the Central Bank and the banking sector after years of stagnation, sending a message of reassurance to depositors and investors that the banking system remains standing on sound professional foundations.
Ending the Monopoly on Gold Exports
On 5 November, the Central Bank, under her leadership, took one of its most significant decisions amid the current crisis — reversing a previous directive issued two months earlier that had restricted gold exports exclusively to the Central Bank, and reopening the door for the private sector to engage directly in exports.
This move removed one of the main obstacles that had stifled the market and burdened producers and exporters. By lifting the temporary monopoly, Sudanese gold was released from bureaucratic captivity into the free market. The reversal marked a return to balance — with the state resuming its role as regulator and the private sector restored as the engine of economic activity.
Allowing private companies to export gold enhances flexibility, speed, and competitiveness, while expanding access to new markets. The private sector is also better equipped to manage international transactions through legitimate and secure channels.
Furthermore, the Central Bank’s decision to allow payment via letters of credit — provided export proceeds are repatriated within one month — is a smart and pragmatic step. It encourages exports, diversifies markets, enhances transparency, and ensures that hard currency flows back into official banking channels — thereby strengthening foreign reserves and curbing parallel market activity.
A Shift from Bureaucracy to Regulation
By ending its direct involvement in gold trading, the Central Bank has redefined its role from a commercial operator to a policy and regulatory authority. This shift allows it to focus on monetary policy, leaving trade dynamics to market forces.
While government bureaucracy has long stifled economic growth, the private sector’s agility provides the competitive advantage Sudan desperately needs. This reform, therefore, represents a genuine economic correction rather than a temporary measure.
Currency Reform and Anti-Inflation Measures
Within her broader monetary reform agenda, Dr Amna also announced plans to replace the existing currency and issue new denominations of SDG 2,000 and SDG 500. This bold and necessary step aims to counter widespread counterfeiting, reduce cash circulation outside the banking system, and restore confidence in the national currency.
Economically, the move helps tighten liquidity, curb inflation, and encourage people to use banks — thereby promoting financial inclusion and restoring discipline to the monetary cycle.
Restoring the Central Bank’s True Role
Through these measures, the Central Bank has begun to reclaim its rightful position as a maker of monetary policy rather than a mere executor of temporary decisions. Its recent direction reflects a rational, globally aligned approach to policymaking, rather than one driven by short-term political expediency.
If sustained, this trajectory could place Sudan on a new path of fiscal responsibility and economic recovery, especially if complemented by continued dialogue with commercial banks and the private sector.
Short- and Long-Term Outlook
In the short term, allowing private gold exports is expected to increase foreign currency inflows, narrow the gap between official and parallel exchange rates, and boost liquidity within banks. The currency replacement will also help stabilise internal markets and curb speculation.
In the long term, these reforms could transform gold from a source of smuggling and chaos into a pillar of sustainable development, paving the way for economic diversification and the establishment of a competitive export base.
However, for the reform to succeed fully, the Central Bank must revisit its pricing mechanism for export proceeds. The rate set in the last circular remains unfavourable to exporters, who are unlikely to comply if the official rate is not profitable. A fair pricing framework that balances state and market interests is therefore crucial to ensure continued compliance and reintegration of export revenues into the formal economy.
A Woman Leading an Economic Awakening
Dr Amna Mirghani’s leadership is not merely about managing the Central Bank in wartime — it is about rebuilding broken trust between the state and the economic sector. Her policies represent a bold attempt to transform the banking system from an administrative burden into a driver of production and growth.
Recent weeks have demonstrated that Sudanese women possess the resolve and vision to steer the country through its most difficult challenges. True reform, as this moment shows, begins in the nation’s monetary mind — in a Central Bank that knows when to intervene and when to let the market’s intelligence work naturally.
Thus, one can say with confidence that the Central Bank of Sudan is returning to a sound financial footing. What is happening today is not a series of isolated decisions, but the beginning of a genuine reform trajectory — one that deserves support and careful follow-up.
The stability of the Sudanese pound and the restoration of confidence in the banking system remain the cornerstone of any future economic revival.

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