Home | News    Thursday 27 September 2007

Sudan central bank plans to convert dollar reserves to Euro

separation
increase
decrease
separation
separation

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.

(Reuters/ST)

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


A conspiracy or cover-up for war criminals in Sudan and South Sudan? 2019-10-23 11:15:27 By Roger Alfred Yoron Modi I have to start by alerting the reader that this is my personal story and a story of my father Alfred Yoron Modi (http://www.sudantribune.com/spip.php?iframe&page=imprimabl

Is lack of ‘political will’ an incurable disease in South Sudan? 2019-10-22 11:53:57 By James Gatdet Dak Lampuar October 21, 2019 – Without political will, commitment and trust among leaders in South Sudan, achieving peace and stability will painfully remain an illusion for a (...)

UNSC, Machar and Lam Akol visits to Juba: Will peace come? 2019-10-21 11:56:29 By James Okuk The coming of the members of UN Security Council to Juba with arrival of Dr Riek Machar and Dr Lam Akolto engage in high-level meetings on evaluation of the status of (...)


MORE






Latest Press Releases


S. Korea supports UN communities building resilience project in Sudan’s Blue Nile 2019-09-09 09:26:41 UNDP Sudan September 5, 2019 (KHARTOUM) - An agreement was signed on 5th of September between the Korean Ambassador, His Excellency. Lee Ki-Seong and Dr. Selva Ramachandran, Resident (...)

Sudanese lawyers and Human rights defenders back calls for civil rule 2019-04-26 10:22:06 Press statement by 55 Sudanese lawyers and Human rights defenders on Sudan Sit-in and Peaceful Protest Khartoum -24/04/2019 We, the undersigned (55) Sudanese lawyers and human rights defenders, (...)

South Sudan’s Lafon youth condemn killings of civilians by Pari community 2019-04-03 21:54:29 Press Statement on the Fighting between Pari/ Pacidi and Lotuko/Lokiri on 24/3/2019 Release by The Lafon County Youth Union: We, the Lafon County Youth Union hereby condemn the atrocities and (...)


MORE

Copyright © 2003-2019 SudanTribune - All rights reserved.