Sudan to monitor for looted funds during currency exchange

December 6, 2024 (PORT SUDAN) – Sudan’s government said on Friday it will monitor any attempts by the Rapid Support Forces (RSF) to deposit looted funds during an upcoming currency exchange, adding that the exchange will be done via bank deposits only.

The Central Bank of Sudan recently announced it would introduce a new 1,000 Sudanese pound note and withdraw the 500 pound note. It cited widespread bank looting at the start of the conflict between the army and the RSF in April 2023 and the circulation of banknotes of unknown origin.

The RSF’s civilian administration has banned the use of the new currency in areas under its control in Darfur.

Sovereignty Council member Ibrahim Jabir inspected currency exchange procedures in Port Sudan on Friday, along with Finance Minister Jibril Ibrahim and other officials.

Culture and Information Minister Khalid al-A’isarr, also the government spokesperson, said in a statement that authorities had established a series of controls and procedures to ensure a smooth and secure exchange. He did not specify a timeline.

The exchange will cover seven states under army control: Red Sea, River Nile, Northern, White Nile, Blue Nile, Kassala and Gedaref.

Al-A’isarr said the government will take measures to combat counterfeiting and the deposit of looted funds by the RSF and will monitor for suspicious activities.

He urged all citizens to open bank accounts, saying the exchange would be conducted solely through bank deposits “to protect citizens’ rights and the national economy.”

The central bank recently announced the first phase of the exchange, which involves opening bank accounts for individuals who do not have them. Citizens must have a bank account to exchange their money.

Sovereign Council Chairman Abdel Fattah al-Burhan previously issued a decree establishing a prosecution and court to verify the source of funds during the exchange.