Banking Expert: Strengthening the Currency Major Challenge Facing Central Bank Governor

Sudanhorizon– Hala Hamza

A Sudanese banking expert has predicted that a number of challenges will face Amna Mirghani, the newly appointed Governor of the Central Bank of Sudan.
A decision was issued to appoint her on Monday, succeeding the relieved Governor, Barai Al-Siddiq.

The source, who preferred not to be named, said the new governor faces challenges in strengthening confidence in the national currency, which has been witnessing a significant decline due to speculation.
He noted the need to complete the currency replacement process, as well as the need to strengthen the financial positions of the commercial banks, which have been weakened by the war, now heading its third anniversary.

The expert called for a focus on protecting the banking sector from the negative effects of the war and containing its damage by implementing policies that ensure its return to high-efficiency operations.

He emphasized the need to reduce banking failures, which have been exacerbated by the accumulation of current bank dues during the war. He called for the establishment of a new banking oversight system that keeps pace with wartime conditions, without restricting the percentage of Murabaha financing to banks to ensure the recovery of the granted financing, and focusing on activating electronic payment services, practicing the activity of the credit information agency, and facilitating inter bank transfers.

Amna Mirghani is the 18th governor to head the Central Bank of Sudan since its establishment and the first woman ever to hold the position in Sudan.

The insistence of the dismissed Central Bank Governor, Ra’i Al-Siddiq, on the bank’s monopoly on gold exports led to his dismissal after export companies insisted on their full right to do so without interference from the Central Bank.

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