Saudi Arabia, Sudan to restore banking ties

Sudan and Saudi Arabia have agreed to re-establish banking relations, according to an  statement on the official Sudan News Agency (SUNA).

The move, which will allow for banking transactions between the two countries, came after meetings conducted between the Sudanese central bank governor and the Saudi Monetary Authority (SAMA) governor in Riyadh.

Representatives of major Saudi lenders including Al Rajhi Bank, the National Commercial Bank (NCB), Alinma Bank, and Bank Albilad attended the meeting.

In October, the United States lifted 20-year-old sanctions against Sudan. The African nation’s economy has suffered since its south seceded in 2011, taking with it 75 percent of oil output.