Home | News    Thursday 27 September 2007

Sudan central bank plans to convert dollar reserves to Euro


September 26, 2007 (KHARTOUM) — Sudan’s central bank said that it plans to convert all dollar reserves into Euro and other currencies by year end.

JPEG - 11.6 kb
Bank of Sudan

Hussein Yahya Jangoul, head of financial markets at Sudan’s central bank said that the decision was taken to circumvent both current and future sanctions imposed by the US.

Another Sudanese official speaking to Reuters said that the reserves covered three months of imports.

Jangoul said the Bank of Sudan had issued recommendations to commercial banks, government departments and private businesses to move their transactions abroad and balances to currencies other than U.S. dollars.

Sudan’s Central Bank has issued a similar decree in 1997 following US sanctions imposed by former US president Bill Clinton. However the implementation of the decision has failed.

The Washington Post quoting CIA officials earlier this year said that Khartoum established a committee to look into ways of making the economy less dependent on the US dollars. The committee concluded that the proposal is not feasible.

Last May the US slapped sanctions on 31 companies, including oil exporters, blocking them from US trade and financial dealings.

Sudanese officials dismissed sanctions saying that it will have little impact on their economy.

However several reports have indicated that the Sudanese economy is beginning to feel the effects of the US financial sanctions.

British diplomats speaking to the Daily Telegraph last week said that they believe US sanctions have added pressure on Khartoum forcing it, among other things, to change position on the deployment of peacekeepers to Darfur.

More than 200 000 people have been killed and some 2.5 million displaced in the four-year conflict in Darfur, an area the size of France.


Comments on the Sudan Tribune website must abide by the following rules. Contravention of these rules will lead to the user losing their Sudan Tribune account with immediate effect.

- No inciting violence
- No inappropriate or offensive language
- No racism, tribalism or sectarianism
- No inappropriate or derogatory remarks
- No deviation from the topic of the article
- No advertising, spamming or links
- No incomprehensible comments

Due to the unprecedented amount of racist and offensive language on the site, Sudan Tribune tries to vet all comments on the site.

There is now also a limit of 400 words per comment. If you want to express yourself in more detail than this allows, please e-mail your comment as an article to comment@sudantribune.com

Kind regards,

The Sudan Tribune editorial team.

Comment on this article

The following ads are provided by Google. SudanTribune has no authority on it.

Sudan Tribune

Promote your Page too

Latest Comments & Analysis

South Sudan’s universities should explore other revenues 2019-03-17 20:33:06 By Ukongo Benson Athia Of recent, it transpired that the five public universities dons have advanced their cause to increase the tuition fees for the students. I have seen such complaints of (...)

Pressure from the people in Sudan 2019-03-17 10:55:35 The longer genuine political and economic reform is delayed in Sudan, the greater the risk of wider instability and deepening economic crisis. By Rosalind Marsden President Omar al-Bashir, who (...)

Sudan’s al-Bashir burnt the boats before crossing 2019-03-11 06:19:03 By Mahmoud a. Suleiman Second Military Coup D’état of Omer Bashir will Not Protect him from his inevitable fate at the hands of the uprising Sudanese people The angry uprising men, women and (...)


Latest Press Releases

Sudan Protests: Investigate the custodial death of three University students 2019-03-13 12:53:14 The African Centre for Justice and Peace Studies (ACJPS) Sudan Protests: Urgent call for investigations into the custodial death of three University students and alleged torture of detainees by (...)

The Alliance for Restoration of Sudanese Workers Trade Unions Joins the Declaration of Freedom and Change 2019-03-10 21:16:50 PRESS RELEASE For immediate release 10 th March 2019 The Alliance for Restoration of Sudanese Workers Trade Unions announced on Sunday 10th March that it was joining the revolutionary forces (...)

Ethnic Murle politicians say enough to cattle raiding 2018-12-28 09:32:00 December 27, 2018 (JUBA) - Murle political leaders in Buma state have vowed to end the practice of cattle raiding and child abduction by individuals in the community. Jodi Jonglei, who is also (...)


Copyright © 2003-2019 SudanTribune - All rights reserved.