El Ta’aishi: We’re moving forward with the process of building an integrated banking system
Recently, the Prime Minister of the Government of Peace and Unity, Mohamed Hassan El-Ta’aishi, affirmed that his government is proceeding with the implementation of monetary and banking policies aimed at building an integrated financial system that guarantees citizens’ access to banking services, enhances monetary stability, and supports commercial as well as investment activities in the areas under its administration.
El-Ta’aishi stated that the Peace Government administers vast areas of Sudan with diverse economic resources, including agriculture, livestock, oil, minerals, and other productive sectors. He pointed out that citizens in these areas have faced significant difficulties in accessing banking services and conducting financial transfers due to the conditions imposed by the ongoing war and institutional division.
The Prime Minister went on to add, speaking to (Fajr Press), that the authorities in Port Sudan have adopted policies that target citizens in areas under the control of the Peace Government. The afore referenced policies included currency manipulation -issuing new currency, the depletion of cash liquidity in markets, the use of currency as a weapon of war, and the exploitation of essential services, such as health and education, as leverage, depriving citizens of the most basic services.
Furthermore, he went on to explain that the Peace Government has embarked on the journey of developing an integrated banking system aimed at enabling citizens to access financial services, enhancing monetary stability, and facilitating the flow of trade as well as investment. He noted that a Currency Board has been established to formulate monetary policies and manage currency affairs in coordination with relevant authorities, whilst efforts continue, aiming to finalize the necessary technical as well as regulatory frameworks for building an effective and sustainable banking system.
Regarding the Future Bank, El-Ta’aishiemphasized that its a private commercial banking institution operating according to established banking rules and procedures, and is not a government institution. He pointed out that the bank has already begun offering a number of basic banking services through its existing branches, including money transfers and commercial services.
According to the Prime Minister, developing the bank’s international relations and obtaining recognition from international banking institutions is contingent upon meeting internationally recognized technical and regulatory standards, stressing that the aforementioned process is proceeding gradually in accordance with established banking practices.
El-Ta’aishi further emphasized that all policies related to the currency and its management fall under the purview of the Monetary Authority and relevant institutions. He explained that the Government of Peace had previously implemented regulatory measures regarding the handling of certain currency issues.
He added that any arrangements related to cash management or liquidity provision are made according to well-studied technical plans aimed at maintaining economic stability and meeting the needs of citizens as well as markets.
He affirmed that the currency currently recognized by the institutions of the Peace Government is the currency bearing the signature of the governor authorized by the government, in addition to issues issued at a date prior to (June 2024), noting that any future amendments or issues will be subject to review by the relevant technical authorities, in accordance with the requirements of monetary stability and the general economic interest.
The Peace Government’s Prime Minister concluded his remarks by clarifying that all matters related to printing currency fall under the jurisdiction of the Monetary Authority and the relevant technical authorities, emphasizing the Government of Peace’s commitment to supporting the independence of monetary institutions and respecting their professional authority in managing this matter.
