Sudanese banks negatively impacted by US sanctions
November 18, 2007 (DOHA) — Banks in Sudan are experiencing hardships as a result of US sanctions, according to a senior bank official.
Last May the US president George Bush ordered stiffened sanctions on Sudan that will bar 31 companies controlled by the government from doing business in the U.S. financial system as well as sanctions on four Sudanese individuals, including two senior Sudanese officials and a rebel leader suspected of involvement in the Darfur violence.
The Sudanese government decided in late September to convert all dollar reserves into Euro and other currencies by year end. Several reports have indicated that the Sudanese economy is beginning to feel the effects of the US financial sanctions.
“Sudanese banks are suffering from endless US regulations on dollar transactions. We as a are going through extreme difficulties. Every day the umbrella of US sanctions and pertaining regulations keeps expanding” Sayed said.
The bank top official revealed that some Arab banks have been refusing to conduct any dollar transactions with Sudan.
“Instead of these Arab banks helping their brothers in Sudan, they are helping the US by implementing the sanctions by the book” he added.
Sayed said that they have contacted Central banks in these countries as well as officials in these countries with no success. He further said that the decision by Sudan to convert to the Euro should help neutralize the effect of sanctions.
British diplomats speaking to the Daily Telegraph last September said that they believe US sanctions have added pressure on Khartoum forcing it, among other things, to change position on the deployment of peacekeepers to Darfur.
International experts estimate 200,000 people have died in the conflict, which Washington calls genocide, a term European governments are reluctant to use. The Sudan government says 9,000 people have been killed.
(ST)