Khartoum 'must establish banking presence in South Sudan'

South Sudan seceded from Sudan in July 2011. (Image source: Steve Evans/Flickr)The central banks in Sudan and South Sudan need to act quickly to cooperate and establish protocols between their respective central banks, according to one of Sudan's leading financial figures

Mohammed Rashid Mohammed Salem, general manager of Sudan's Export Development Bank, said that establishing a Sudanese banking presence in South Sudan would facilitate border trade in line with the deals signed recently between the two African states.

According to the Sudan Tribune, Salem said that the lack of Sudanese banks in South Sudan would impede trade between the two countries.

The deals signed recently in Addis Ababa, Ethiopia, under the supervision of the African Union, outlined a timetable for the enactment of a cooperation agreement signed by both countries in September 2012.

The deals cover oil production, security arrangements, border demarcation, trade, economics and pensions.

South Sudan seceded from Sudan in July 2011.

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