By 
The Central Bank of Sudan (CBoS) has announced its return to utilizing the Total Instant Settlements System (Siraj), making this system accessible to all banks and dealers within the banking sector, effective immediately.
In June, the CBoS established an emergency unit to manage banking procedures in response to disruptions in banking services caused by the ongoing conflict. The CBoS recognized the adverse effects of the conflict, including damage, power outages, communication problems, and other war-related issues, on banks.
The Siraj Total Instant Settlements System is administered by a private joint-stock company based in Abu Dhabi and regulated by the UAE Central Bank. It offers financial products in compliance with Islamic Shariah principles.
As reported last week by Radio Dabanga, the demand for the US dollar surged, leading to a significant increase in its exchange rate against the Sudanese pound. Additionally, a sharp decline in exports since the outbreak of the conflict on April 15 has contributed to a shortage of foreign currencies. The parallel market saw the dollar rate rise to SDG700, while it averaged SDG618 in the country’s banks.
Comments