Thu. Jul 4th, 2024

An official at the Central Bank of Sudan revealed that 121 bank and exchange branches in the capital, Khartoum, were completely looted and their buildings destroyed, and equipment, furniture, and a number of cars were looted.

The official explained to the “Sudan Tribune” website that about 367 ATM machines were completely destroyed in the three cities of the capital: Khartoum, Bahri, and Omdurman, noting that the relevant government agencies conducted a survey of the locations of the machines using the Google Maps application.

The official confirmed that there is a “major scarcity of liquidity amid plans to print banknotes abroad,” which has not yet been resolved by officials in the city of Port Sudan.

He pointed out that “the Central Bank of Sudan is making a tremendous effort to provide cash liquidity to citizens after the theft and destruction of huge amounts of currency.”

In a related context, Mohamed Esmat, former director of a department at the Central Bank and an economic and banking expert, said that estimating the size of the currency supply damaged during the months of war is not easy.

He added: “It is difficult to estimate it, let alone define it accurately, which is a basic requirement for printing currency to meet the replacement process, due to the war and the devastation that befell the banking institutions in their buildings and banking systems.”

Esmat stressed that “the losses of the banking system are difficult to estimate under the current circumstances, but they constitute a large percentage of the Sudanese capital stock, whose value in 2019 is estimated at more than 500 billion dollars.”

He pointed to unconfirmed estimates about the destruction of about 15% of this capital stock, equivalent to 75 billion dollars, stressing that the losses of the banking system constitute an estimated percentage of the total of these material losses.

Before the Paris conference on Sudan last April, Abdullah Al-Dardari, Director of the Regional Office for Arab States of the United Nations Development Program, said that Sudan “lost 25 percent of its gross domestic product during one year of war.”

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