Efforts to integrate the Sudanese banking system into the Global system
The Citizen
In the news, 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 recently 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.
To shed more light on the issue The Citizen caught up with prominent economist and financial analyst, Dr. Mohamed El-Nayir who affirmed that Sudan should overcome the ongoing challenges through appropriate vision, future predictions and topping the national interests of Sudan over any other interests.
He added that internal arrangements should be set in order to raise the capitals of the Sudanese banks, disclosing that the total capital of all the Sudanese banks does exceed the capital of one of the global banks a matter that requires expediting the process in this regard besides restructuring the banks to raise its capitals and integration of some of it to have a strong banking entities so that we can protect the banking system from any collapse as was the case in some US huge banks.
Al-Nayir affirmed that nothing prevents Sudan from joining the global banking system, so it is high time to address this issue and work out a plan that achieves the national interests of Sudan in its relations with the international financial system.