Home | News    Tuesday 4 March 2014

Sudan says Saudi decision to suspend banking transactions not politically motivated

separation
increase
decrease
separation
separation

March 3, 2014 (KHARTOUM) – The Sudanese government has downplayed a decision by banks in Saudi Arabia to stop any dealings with their counterparts in Sudan saying it is not politically motivated.

JPEG - 12.8 kb
An official leaves after a news conference presenting Sudan’s new currency at the Central Bank of Sudan headquarters in Khartoum on 16 July 2011 (Reuters)

The head of the parliamentary economic subcommittee Salem al-Safi told reporters after a meeting with officials from the Ministry of Finance and the Central Bank on Monday that they were assured that the recent measures by Riyadh are normal but that the media blew it out of proportion.

He underscored the banks’ ability to address the issue in the next few days.

The Sudanese lawmaker also denied any adverse impact on the country’s exports or imports or on remittances made by expatriate workers whom he said use Forex bureaus and not banks.

Al-Safi also said that Saudi Arabia did not take these measures to "strangle" Sudan economically.

Last week the government acknowledged reports that a number of Saudi and European banks took a decision to stop dealing with Sudanese banks and attributed it to pressure made by the United States.

Sudanese officials initially refused to comment on the move which was widely circulated within the business community in Khartoum.

There was no comment from Saudi Arabian Monetary Agency (SAMA) and it is not clear if the latter issued the directive or if it was decision by individual banks.

The Sudanese finance minister, Badr Al-Deen Mahmoud said last week that banking interactions particularly with the Arab countries are crucial because it links Khartoum to the international banking system.

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.

But the Central Bank last Thursday issued a statement saying that the move was driven by routine banking procedures undertaken by the financial institutions.

(ST)

Comments on the Sudan Tribune website must abide by the following rules. Contravention of these rules will lead to the user losing their Sudan Tribune account with immediate effect.

- No inciting violence
- No inappropriate or offensive language
- No racism, tribalism or sectarianism
- No inappropriate or derogatory remarks
- No deviation from the topic of the article
- No advertising, spamming or links
- No incomprehensible comments

Due to the unprecedented amount of racist and offensive language on the site, Sudan Tribune tries to vet all comments on the site.

There is now also a limit of 400 words per comment. If you want to express yourself in more detail than this allows, please e-mail your comment as an article to comment@sudantribune.com

Kind regards,

The Sudan Tribune editorial team.

Comment on this article


 
 

The following ads are provided by Google. SudanTribune has no authority on it.


Sudan Tribune

Promote your Page too

Latest Comments & Analysis


Darfur Conflict: why Mbeki has to soberly reflect on the missing links 2015-03-25 21:31:44 By Trayo Ahmed Ali There is no way to deny the fact that the protracted Darfur conflict has, at certain junctures received sufficient international attention. Certainly the velocity of the (...)

How can the U.S. exercise leadership in South Sudan’s peace process? 2015-03-25 08:54:55 By: Amir Idris In light of the recent collapse of the peace process and the resumption of the military confrontations between the Government of South Sudan and the SPLM in Opposition, the United (...)

Sudan, the Obama Administration, and the costs of rapprochement 2015-03-25 08:54:43 By Eric Reeves Sudan holds elections in mid-April, including a vote for the next President. It is a foregone conclusion that the victor will be the same man who has ruled Sudan with an iron fist (...)


MORE






Latest Press Releases


Seventy-six organizations call for publication of AU Inquiry Report as deadline for peace passes 2015-03-07 05:04:51 6 March 2015: FOR Immediate Release SOUTH SUDAN: The African Union (AU) Peace and Security Council (PSC) should immediately consider, publish and disseminate the final report of the Commission (...)

Archbishop Taban calls for reconciliation and forgiveness 2015-02-23 09:30:38 February 2015 Greetings from Peace Village, Kuron. It is really a Peace Village. I had my peaceful Christmas and a Prosperous New Year in Kuron. God really blessed the area with Peace. You can (...)

WFP appreciates US additional support for S. Sudan’s hungry 2015-02-19 08:20:15 17 February 2015 (JUBA)- The United Nations World Food Programme (WFP) has welcomed a contribution of US$165.5 million from the United States Agency for International Development (USAID) to feed (...)


MORE

Copyright © 2003-2015 SudanTribune - All rights reserved.