CBOS Suspends Two Banks, Dismisses Employees Over Foreign Exchange Violations

The Central Bank of Sudan (CBOS) has announced a package of strict regulatory and administrative penalties against a number of commercial banks and their employees following the detection of regulatory violations related to foreign exchange transactions.

The CBOS said the punitive measures included suspending a number of bankers from carrying out any banking activities or procedures related to export and import transactions. The administrative sanctions also affected several employees, with some dismissed immediately and others referred for legal investigation in accordance with banking regulations in the country.

The decisions came after detailed field inspections and reviews conducted by the Central Bank’s supervisory teams, which uncovered clear violations of regulations and circulars governing the foreign exchange market.

The Central Bank stressed that the measures are part of its legal responsibilities to protect the national economy, strengthen oversight of foreign exchange resources, and curb any harmful practices that could affect exchange rate stability.

The CBOS reaffirmed its firm commitment to continuing its supervisory role and taking action against any financial institution that violates applicable rules and regulations, in order to safeguard the soundness and stability of the country’s banking sector.