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
Central Bank of Sudan (CBoS) ( Photo 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


Appointment of Dr. Riek as FVP is welcome but...? 2016-02-13 13:18:16 By James Okuk “Geography has made us neighbors. History has made us friends. Economics has made us partners, and necessity has made us allies.” – President J.F. Kennedy. On Thursday February 11, (...)

Formation of “TGoNU” without Constitutional Amendment: Is it a right of necessity? 2016-02-09 20:30:29 By Mabor Maker Dhelbeny In its 55th Extra-ordinary Meeting, held on 30th – 31st January, 2016 in Addis Ababa, Ethiopia, the IGAD Council of Ministers in the communiqué on South Sudan: (1) (...)

Terrorism Tops African Summit Agenda: Lip service or strategic move? 2016-02-07 04:56:59 By Trayo A. Ali In Africa, terrorism is not only strategic threat to continent political security and destabilization, but more importantly it also constitutes fundamental challenge and eminent (...)


MORE






Latest Press Releases


Civil society group decries delay of S. Sudan transitional gov’t 2016-01-29 18:08:53 South Sudan Civil Society Alliance Date: 29.1.2016 For the immediate Release Press Release Following the passing of deadline of the formation of Transitional Government of National Unity in the (...)

Africa: Strengthen steps to end child marriage 2015-12-14 08:04:41 December 10, 2015 African governments should coordinate action to improve laws, education, health care, and public awareness to end the scourge of child marriage, Human Rights Watch said today (...)

Professor Akolda, it is too early for you to go 2015-12-06 06:36:15 I learnt from social media of the untimely departure of Professor Akolda Maan Tier on the 30th Nov 2015, whom I knew and admired, as one of the great, committed sons of both Sudans, who dedicated (...)


MORE

Copyright © 2003-2016 SudanTribune - All rights reserved.