banking

Delay to join SWIFT prevents Sudanese banks from making international transfers

May 11, 2021

KHARTOUM) - The reason for Sudanese failure to make or receive international banking transfers up to now that the east African country has not yet joined the SWIFT messaging network.

U.S. dollar notes (Reuters/Athit Perawongmetha Photo)

Sudan has been removed from the U.S. list of countries sponsoring terrorism in December 2020, but up to now the Sudanese banks cannot receive or send financial transfers.

The failure has affected the government ability to fight the black market as only some Gulf countries took specific measures to allow their banks to transfer money to Sudan with huge difficulties.

Speaking to Sudan Tribune on Sunday, a Sudanese banking official said that his country is working on to joint SWIFT network which provides Bank or Business Identifier Codes (BICs) known as 'SWIFT codes'.

The International Bank Account Number (IBAN) and the (BIC) form the client account number that enables him to process international payments automatically, making them faster, safer and cheaper.

The central bank official who requested anonymity because he is not authorized to speak to the media further said that the Bank of Sudan is working to create the swift codes for Sudanese banks to allow them to perform international transfers.

Also, local banks are currently working on preparing the IBAN number, which is associated with the BIC to use the SWIFT messaging network, he added.

Some Sudanese banks have already finalized this step waiting for the approval of the Central bank of Sudan to sue the SWIFT network.

Meanwhile, banking sources told the Sudan Tribune that remittances from the Gulf and Saudi Arabia declined due to an increase in the exchange rate in the parallel market.

sudantribune



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