Southern Banking: Requirements Set for

UNCLAS KHARTOUM 000813 SIPDIS DEPT FOR AF/SPG AND EB/IFD SIPDIS E.O. 12958: N/A TAGS: EFIN ECON SU SUBJECT: Southern Banking: Requirements Set for Establishing Banks, Forex Bureaus ¶1. Per resolution 6/1/2006 of the Board of Directors of the Central Bank of Sudan and the Deputy Governor of the Central Bank of Sudan/President of the Bank of Southern Sudan, the capital requirement for establishing conventional banks in Southern Sudan is as follows: -- The paid up capital for national banks should be USD 6 million, to be paid in three installments of USD 2 million annually for three consecutive years; and -- The paid up capital for foreign banks should be $15 million, to be paid in three installments of $5 million annually for three consecutive years. ¶2. On March 27, the Bank of Southern Sudan announced that parties seeking to establish foreign exchange bureaus could submit applications to the Bank to obtain licenses. STEINFELD