Home | News    Monday 7 March 2011

Sudan’s central bank governor resigns, no replacement named

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March 6, 2011 (KHARTOUM) – The Central Bank of Sudan announced today that its governor Sabir Mohamed Al-Hassan will step down immediately, ending weeks of speculations on his future with the highest financial authority in the country.

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Sudan’s central bank governor Sabir Mohammad al-Hassan speaks during a news conference attended by the heads of Sudan’s commercial banks in Khartoum September 30, 2010 (Reuters)

In a statement released today by the central bank it was revealed that Al-Hassan asked the presidency last December not to renew his term which expires on Monday. His successor has not yet been named.

The former governor was quoted as saying that reasons behind his decision were his age and length of time he had spent at his current position saying it affected his health as well his family and social relations.

He denied reports that differences with the economic team in the government prompted his move.

A month ago, local media reported that Al-Hassan asked president Omer Hassan Al-Bashir to relieve him from the post he has held since March 1998.

The reports were dismissed by Sudanese officials who suggested that the governor’s tenure would be extended.

But Ibrahim ElBadawi, former lead economist at the Development Research Group of the World Bank, said in an interview last month that he was approached by Khartoum to take over the leadership of the central bank.

ElBadawi said that he turned down the offer suggesting that he will not be free from political interference should he end up becoming the governor.

Al-Hassan’s resignation comes a few months away from South Sudan’s official independence which followed a referendum in January which saw an overwhelming majority in favor of secession.

Because most of Sudan’s oil lies in the South, it is widely feared that the North will suffer an economic shock amidst soaring inflation levels and chronic shortages in hard currency leaving many international companies struggling to repatriate profits and hurting foreign investment.

Ordinary Sudanese citizens have grown increasingly frustrated with the cost of living and rising food prices, which in some cases more than doubled.

Khartoum has partially removed subsidies on sugar and petroleum products, which was coupled with a de-facto devaluation of the Sudanese Pound.

The government is also in the process of privatizing state-owned firms to remove the burden of supporting companies which continue to lose money. It also banned many imports to reduce the hard currency outflow and prevent further depletion of the already low foreign currency reserves.

Officials in Khartoum blame economic instability since last year largely on speculative trading and hoarding in the run-up to the referendum. Private analysts say the referendum is only a minor factor, and that Sudan’s economy has hit crisis point because of years of mismanagement and overspending.

(ST)

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  • 7 March 2011 08:40, by Madingthith

    Thank so much Mr Sabir Mohamed for taking wise and independence decision to resigns earlier before finance crisis in Sudan has loom to the stage of blaming your authority and management, it is better to leave them quietely than them removing you out with alot of accuses that you mess the banking system.

    In this sense, your resignation letter is welcome and you enjoyed the good time with your family, relations and other colleagues who missed you during your tight and tedious work in the Central Bank of Sudan. Remember one more thing, be 100% sure that your handing over documents either electronically or manually must be meet with international finanacial laws, if you do that than there will be no other rather clearance all the outstanding receipts in your names.

    Sudan is alarge country where alot assorted of trading activities are going on therefore revenues from different sources have increases the finance system in the country.
    I appeal to mr Omaar al Bashir the traitor not to nominated his own Jali or douglawi from the Northern State as successor to Mzee Sabir Mohamed who served as Central Bank of Sudan Governor since March 1998 up to March 2011. Please Sabir you save enough billion in your account go back to your hut and enjoy them as innocent who resign but you embezzled the funds please!

    Train your kids to be tomorrow Governors in the other banks which will be in the North Sudan but will not be luck as you because South Sudan is going with its most resources whereby all Northerners will remain pleading south to reunite with but impossible as foreskin of circumision of the man or woman it cannot be reunite until one can die.

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    • 7 March 2011 13:00, by Covert

      Central Bank Governor Sabir Mohammad al-Hassan knew he is not going to man an empty bank that is running out of money. The top NCP leadership looting whatever money is there and stores them in the foreign banks.

      According to the wiki-leakBashire has a personal wealth that is up to $ 9 billion that’s bank away in the overseas banks.
      That’s typical of any dictator he or she takes whatever they need with no question asked.
      Northern Sudan, good luck to you

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    • 7 March 2011 16:34, by Arop Mawien

      Leaders of that spirit are rare in Africa, I thank the governor and encourage others to do so when they feel it is necessary.

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  • 7 March 2011 08:47, by Challenger

    Why try to blam the health & family in this resignation issue?the governer is simply resigning becuase they have finish misuseing the public funds with his friend omer el-bashir & transfering some into their special A/c in abroad & now trying to flee,I agree with the sources that said: the the financial cricis that hit the sudanes econmic occurd simply because of the mismanagement of the funds.I hope south will not experience the same thing like North,but instead overwelm econmically .
    Anti-corruption.

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    • 7 March 2011 13:46, by Cibaipiath Junub Sudan

      Soon, the Governor of Bank of South Sudan (BOSS) will resign. If not, public has to ask him to resign. Prices of the commodities are daily increasing, Hard currency is difficult to be found and however, Bank Managers are making high profits from hard currency by selling them through ordinary people in the Black Market Juba. Where do these groups of illeterate get bulky of hard currency from?

      South Sudan is also in its economic crisis. Bank Managers and top Governments officially are the one practicing this criminal business. Fake dollars are caught daily and no significant action taken against the offenders. Whois making these profits and for who? You can see the change in live for users. Southern Sudan Juba, is a city of laughters and crimes.

      Let us check ourselves. Sabir has done his part. No these gruops in South Sudab are also copying Bashr and Sabir characters. They are going to run away with Southern Wealth.

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