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Sudan: Central Bank provides foreign exchange reserves for Strategic Goods

The Central Bank of Sudan revealed the provision of foreign exchange reserves sufficient to meet the urgent needs of strategic commodities, within the framework of the exchange rate control policy that had been implemented since the beginning of last February.

 

Khartoum: Altaghyeer

 

The bank’s deputy director, Mohamed Ahmed Bushra, said during ministerial committee meetings headed by the Minister of Cabinet Affairs aimed at enforcing exchange rate unification policies, that the Central Bank of Sudan will adopt a new policy that guarantees its intervention in the foreign exchange market.

 

He emphasized the provision of foreign exchange resources in commercial banks to meet strategic commodities in the market, and to cover the deficit on the foreign exchange side.

Bushra said that the Central Bank has made efforts to restore foreign correspondence relations with the US Federal Reserve, indicating that this was done through seminars with US Federal Reserve leaderships.

 

The Deputy Director added that it was agreed in principle to open the accounts of the Central Bank of Sudan with the American Bank, while continuing to complete the necessary requirements for this agreement.

Bushra revealed the success of payments made to the International Monetary Fund through direct payments through a correspondent bank in London (BACB) and to the US Federal Bank in New York.

This comes after the lifting of the US ban and Sudan’s removalfrom the terror list for the first time since the imposition of the American embargo on the country in 1996.

He noted that these payments represent a breakthrough inrestoring international correspondence relationships and openingBank of Sudan accounts with the US Federal Bank, considering that this will carry strong implications for banks in Europe, the Middle East, and the Near East, to restore their relations with the Sudanese banking system.

 

 

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