Calls to Use Local Currencies in Trade Exchange Between Egypt and Sudan
Cairo – Sabah Mousa – Nazik Shammam
The Chairman of the Egyptian-Sudanese Business Council, Joseph Makin Iskandar, called on Monday for the launch of a bilateral payments system that would allow the use of local currencies in trade between Egypt and Sudan, reducing pressure on foreign currency.
Speaking at the opening session of the Egypt–Sudan Banking Integration Workshop in Cairo—held as part of preparations for the second Egyptian-Sudanese Businessmen Forum—he urged the establishment of joint banking units or branches of Egyptian banks in Sudan to provide financial services to investors, expatriates, farmers, and business owners.
He stressed the need to form a joint technical committee from the two central banks (Egyptian and Sudanese), the two banking federations, and the Joint Business Council to develop practical mechanisms for banking integration. He announced the availability of support and necessary data to ensure the success of the mission, calling for the launch of a public awareness campaign on banking products to support trade and investment between the two countries.
He also emphasized providing financing guarantees for exporters and importers from both sides through joint funds, facilitating trade through modern banking services, digital connectivity, and the establishment of a permanent annual banking forum to monitor progress indicators in this area.
Makin highlighted the importance of digitally linking banking systems to ease transfers and support the movement of individuals and goods between the two countries. He also called for launching joint financing initiatives for small and medium enterprises, particularly in agriculture, industry, and logistics sectors.
He pointed out the major challenges facing banking integration, especially the absence of a joint payments platform, the limited use of local currencies in bilateral trade, differing monetary policies and regulatory frameworks, and insufficient digital infrastructure across banks.
For his part, the representative of the Egyptian-Sudanese Development Company Ltd., Dr. Nazmi Abdel Hamid, said that Egyptian-Sudanese relations have entered a new phase led by collective action rather than individual efforts.
He stressed that the goal of the workshop is not merely to solve existing problems, but to lay the foundation for a new generation of financial and banking cooperation between Egypt and Sudan—one based on institutions, legislative frameworks, banking mechanisms, mutual trust, and clear pathways that ensure the two economies can protect their interests in a rapidly changing world.
Abdel Hamid called for turning the workshop outcomes into a comprehensive technical document with actionable recommendations.
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