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Several Sudanese banks notified of closure of foreign accounts

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January 18, 2014 (KHARTOUM) – A number of Sudanese banks were notified by their peers in China, Europe, Asia and Middle East that their accounts will be closed which would lead to a cessation of incoming and outgoing wire transfers to and from Sudan, sources said.

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A Sudanese man counts notes after receiving the new Sudanese currency at a central bank branch in Khartoum July 24, 2011 (REUTERS/ Mohamed Nureldin Abdallah)

These same sources mentioned that three Sudanese banks received official letters informing them that financial transactions and trade with them have been suspended.

A group of Sudanese importers and exporters spoke of tremendous difficulties they face in obtaining letters of credit from foreign banks .

The director of the Inspection Department of the Central Bank of Sudan Asmaa Abdul-Rahman Khairi on Saturday acknowledged that Sudanese banks had their accounts closed abroad.

Kamal Karrar, an economic analyst, attributed the move to the existence of previously unsatisfied financial obligations by these banks which he said have created a bad reputation for them.

He warned that this could deprive these banks of international funding sources calling it a testimony to the lack of confidence in Sudan’s banking system.

Karrar pointed that this would adversely impact the activity of importers and exporters, stressing that since the Islamization of the banking sector it only serves the interests of the ruling elite.

The analyst said that the recent developments reinforces the view of corruption in Sudan’s public sector.

US sanctions dating back to the Clinton administration in 1997 bars any financial dealings with Sudan or institutions owned by Khartoum which complicates Sudan’s access to international financial markets and US dollars.

(ST)

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  • 19 January 08:43, by Mohammed Ali 2

    Who are these sources Sudan Tribune? How can Sudanese trader obtain LC from a foreign bank? LC is opened from your bank against a deposit or colateral.You can’t open LC from a foreign bank unless it is fully funded by you as a trader.It is not a secret that the economy is facing difficulties, but what you is merely cheap propoganda reported in non-professional way.

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    • 19 January 09:07, by Joseph Canada

      I just did one this week Muhammad and it works.

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    • 19 January 09:43, by Kushoku

      M Ali sorry though ur hate ST , but reality is that every bit in this news is true , fact is this didn’t as a result of sanctions or a mire propaganda as u asume ,but due to outstanding reputation for corruption of our country so stop fooling around and go back and read our local news papers carefully

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      • 19 January 14:36, by Northern Sudanese

        lol please, who are you trying to fool here? ST is all propaganda including some of our own newspapers. lying media is nothing new to this world. only foolish people who aren’t educated would believe in this garbage. ST itself is an unprofessional newspaper who’s aims are to supply poor negative and propaganda about the north and ignore the reality and positive things. it is a south sudanese site

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        • 19 January 23:27, by Kushoku

          Yea its a negative prop. When u go to the market and the level of inflation we reached and worthless the value of the pound against the us $ . ST might be seeking to reflect a negative image of Sudan (supposedly) but our govnt make it too easy for themso no need to lie or make up news, if u have anything positive just tell us instead of insulting people here.

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