About Bank of Sudan
In the past, some of the functions of the Central Bank of Sudan were divided between the Ministry of Finance, Sudan Currency Board and the National Bank of Egypt .The Ministry of Finance maintained part of the official foreign exchange balances through two accounts, one in USD and the other in Sterling Pounds which were managed respectively by the National Bank of Egypt and Barclays Bank D.C.O. As to the currency Board it used to perform the task of issuing and managing the currency and to keep a part of the country’s balance in foreign currency as a cover to the national currency.
Also the branch of the National Bank of Egypt used to manage the banking activities of the government besides discharging its main role as the bank of commercial banks (bank of the banks) at the same time. During this period, the Egyptian and British currencies were prevailing until the first national currency was issued.
After the independence of Sudan, the need for having a Central Bank to replace the existing bodies and to perform its functions of regulating the process of the issuance of the national currency, formulating and directing monetary and finance policies to serve various economic sectors, build up a strong, efficient and effective banking system that meet the development needs of the country, maintain government accounts , act as adviser for the government on financial affairs and provide foreign currency for the development projects adopted by the government at that time. To achieve the abovementioned objectives, a committee of three experts from the USA Federal Reserve was formed in December 1956… Continue reading about Bank of Sudan here.