Currency Exchange Process in Sudan: A New Beginning
On December 10, 2024, Sudan initiated a significant currency exchange process, allowing citizens to exchange their old currency for new denominations of 1,000 and 500 Sudanese pounds. Many citizens reported that the exchange procedures were smooth and efficient, with banks facilitating the opening of accounts to accommodate the new currency. This initiative, directed by the Central Bank of Sudan, aims to combat the rampant counterfeiting of currency and restore confidence in the national economy.
The Central Bank has also implemented a ceiling on cash withdrawals from bank teller windows, ceasing all previously issued exceptions for various entities. Ibrahim Abdullah, the director of the National Bank of Omdurman, emphasized the importance of this currency exchange in stabilizing the economy, noting that the national currency had been severely devalued and looted. He stated that the new system would not only enhance financial inclusion but also increase the number of bank accounts and deposits, ultimately strengthening the banking sector.
Abdullah further highlighted the potential for electronic payment methods to replace paper currencies in the future, reducing risks associated with theft and counterfeiting. The Central Bank has urged citizens to open accounts and activate electronic payment systems as part of this transformative initiative.
