Efforts Exerted to integrate Sudan in Global Banking Systems

The Sudanese-American Friendship Association in collaboration with the US Embassy in Khartoum, the International People’s Friendship Council, and the Center for International Private Enterprise Development in Sudan organized yesterday at Friendship hall in Khartoum a Sudanese-American Business Forum entitled “Integration and Harmonization of the Banking System in Sudan with the Global System”.

Representatives of the Central Bank of Sudan, the Sudanese Banks Union and a number of specialists in the banking business, experts and those interested in the field, participated in the forum .

The participants discussed means of solving challenges that are facing the integration of the banking system in Sudan with the global banking and financial system besides obstacles that are still impede financial and commercial dealing of private sector with various countries in the world.

The Director of the Center for International Private Enterprise in Sudan, Shatha Al-Mahdi, said in a statement to (SUNA) that the importance of the forum, aims to integrate Sudanese banks into the global financial system, especially with banks in the United States of America. She indicated that the forum is timely in place special after the removal of the name of Sudan from the American list of countries sponsoring terrorism and the tangible progress that has taken place in terms of banking reform policies in Sudan. The Director of the Center for International Private Enterprise, noted that the merger process requires a great effort, not only from the local banking system, the national private sector and the government in Sudan to carry out political reforms that accelerate the  process  of integration, but there is another aspect related to the US Administration and its willingness to integrate the Sudanese banking system into its financial systems besides the willingness of the US banking institutions themselves to achieve this on ground  of technical aspects of banking system  and with regard to combating money laundering

Shatha stressed   that the private sector will benefit from the forum objectives, besides the Sudanese expatriates who are suffering from the issue of remittances from various countries of the world directly to Sudan.

The Head of the Sudanese-American Friendship Association, Sami Al-Jaali, explained that the work of the forum aims integration and harmonization of the Banking System in Sudan with the Global System comes in the context of Association’s series forums conducted in various fields, in cooperation with the US Embassy in Khartoum and with the participation of a number of experts in the field.  He  pointed out that decisions and recommendations are needed to be developed by banks, the Central Bank of Sudan, the Banks union and the relevant authorities and the competent agencies to  enable the Sudanese  banking sector integrates into the global system.