The Central Bank of Sudan (CBOS) has taken a series of regulatory and administrative measures against a number of banks following inspections and supervisory reviews that uncovered violations of regulations and circulars governing foreign exchange transactions.

According to a statement issued by the Central Bank on Sunday, the measures included suspending two banks from conducting banking procedures related to export and import transactions. The Bank also took administrative action against several employees, including the dismissal of some staff members and the referral of others for investigation, in accordance with applicable banking laws and regulations.

The CBOS said the measures are part of its legal mandate to safeguard the stability of the foreign exchange market, curb practices that negatively affect exchange rate stability, and enhance the efficiency of banking transactions.

It added that the actions are intended to strengthen oversight of foreign exchange dealings, prevent practices that undermine the stability of the exchange market or distort the efficient allocation of foreign currency resources, support exchange rate stability, reinforce discipline in the foreign exchange market, safeguard the soundness and stability of the banking sector, and protect the national economy.

The Central Bank reaffirmed its commitment to continuing its supervisory and regulatory role and taking the necessary action against any institution under its oversight found to be in violation of applicable laws, regulations, or circulars, in order to promote compliance and preserve monetary and financial stability.

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