(3) The Central Bank of Sudan shall be fully independent in its
pursuit of monetary policy.
(4) There shall be established an independent Board of
Directors for the Central Bank of Sudan, which shall be
responsible to the Presidency. It shall consist of nine
members as follows:(a) Governor of the Central Bank of Sudan, Chairperson,
(b) two Deputies, and
(c) six highly qualified Sudanese to be appointed by the
President of the Republic in accordance with Article 58
(2) (c) herein.
(5) Decisions of Board of Directors on matters that may affect
adversely the interests of the clientele of either banking
window shall be by consensus.
(6) The Governor of the Central Bank of Sudan and his/her two
Deputies shall be appointed by the President of the
Republic in accordance with Article 58 (2) (c) herein. The
Governor of the Central Bank of Sudan shall appoint, in
consultation with the Board of Directors and his/her two
Deputies, other senior officers within the Central Bank of
Sudan.
(7) The Bank of Southern Sudan shall be responsible for
chartering and supervising financial institutions in southern
Sudan.
(8) All financial institutions shall be subject to internationally
recognized regulatory and prudential standards for Islamic
and conventional finance, as set by the Central Bank of
Sudan.
(9) All financial institutions shall be bound to implement
monetary policies set by the Central Bank of Sudan.
Government Borrowing
203 (1) The Government of Southern Sudan and the states may
borrow money. Neither the National Government nor the
Central Bank of Sudan shall be required or expected to
guarantee
borrowing
by
sub-national
levels
of
government.
(2) The Government of Southern Sudan and all sub-national
levels of government shall report financial and fiscal data to
the relevant National Government bodies for statistical
purposes.
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