The resumption of banking transfers between Sudanese banks and international financial institutions has begun following the removal of Sudan from the lists of banned countries by the global SWIFT organization at the beginning of February. This was confirmed by the Director of Projects and Business Development at the Central Bank of Sudan, Mohamed Esmat.
In an interview with Sputnik, Esmat stated that external financial transfers will occur automatically with no obstacles except for technical or logistical reasons stemming from the previous sanctions imposed on Sudan. He added that the way has been cleared after the circular issued by the SWIFT organization approximately 15 days ago to all banks and financial institutions around the world. He noted that Sudan's name has been removed from the list of state sponsors of terrorism, making it eligible for banking and financial transactions without any restrictions.
Esmat continued that the SWIFT announcement means that transfers will flow freely and financial transactions will take place automatically through the banking system. He stated that the Central Bank of Sudan and Sudanese banks need to begin reaching out to previous correspondents and establishing new agreements with them, including requests for credit lines or loans according to borrowing and interest rates. He emphasized that the banking sector needs restructuring, along with new laws and banking values, in addition to adherence to globally agreed standards in banking and finance.
He explained that the primary obstacle to external transfers was Sudan's designation as a state sponsor of terrorism, which led global banks and financial institutions to avoid dealing with Sudan and its banking system due to indicators related to terrorism financing and money laundering, a situation that arose from the policies of the former regime's involvement in terrorist operations. He stated that simply removing Sudan from the terrorism list is not sufficient, asserting that it is necessary to convince the global banking and financial system that Sudan’s banking sector has restored its integrity. He also highlighted the need to restructure the banking sector concerning relevant laws, regulations, and procedural frameworks governing banking and financial operations in Sudan, noting that this process may take time. Additionally, he emphasized the importance of preparing the banking and financial environment in Sudan, enhancing its technical sector, and increasing its efficiency and effectiveness.
