Home | News    Thursday 17 March 2011

Central Bank of Sudan injecting more foreign currency into the market

separation
increase
decrease
separation
separation

March 16, 2011 (KHARTOUM) – The central bank of Sudan (CBoS) announced on Wednesday that it is injecting more foreign currency into the banks and Forex bureaus saying that there are indications of improvement in the country’s reserves of hard currency.

A statement released by CBoS said that the optimism stems from increases in oil prices, Sudan’s main export, and better utilization of local gold production and selling it abroad leading to more inflow of hard currency.

Furthermore, the top financial authority noted its decision to enter the market as a buyer of gold and building reserves of it for the purpose of exporting it to build "comfortable" reserves of foreign exchange.

Sudan has witnessed increased interest in gold exploration by individuals and companies which the government hope to compensate for loss of oil revenue with the South’s secession next July.

Most of Sudan’s oil reserves are in the south, and there are fears that if it becomes independent the north’s economy will suffer a shock.

As part of an austerity package approved earlier this year, the government banned certain imports to reduce the outflow of hard currency and prevent what officials labeled as "economic collapse".

Furthermore, the CBoS imposed harsh restrictions on cash transfers abroad and the amount of hard currency travelers can carry. Many banks have said that they are unable to meet customers’ demand for Forex.

An incentive system was introduced by the CBoS last November aimed at encouraging people with hard currency to come forward and sell their holdings at a price higher than the official exchange rate.

(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.
  • 17 March 2011 13:30, by Murle Intellectual

    Arrest that police chief who tried to smuggle a truk full of police recruits 6 month salary. How can you Salva Kirr allow a thieve to be the top boss of police. He tried to take all that huge amount to Rumbek

    repondre message

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


Sudan’s Independence: 19th of December should not go into Oblivion 2018-11-19 09:27:07 By Mahmoud A. Suleiman These important Reflections came to me against the backdrop of what was said about the date of the return of the Head of the Umma National Party (UNP), and the Imam of the (...)

Sudan’s removal from terror list taints U.S. values 2018-11-10 08:34:32 November, 9th, 2018 The Honorable Michael Richard Pompeo Secretary of State U.S. Department of State 2201 C St NW, Washington DC 20520 USA RESPONSE BY SUDAN LIBERATION MOVEMENT (SLM/A-AW) TO (...)

R-ARCISS: A Peace that divides the signatories and non-signatories 2018-11-10 07:58:28 By Tito Awen, Juba-South Sudan I keep wondering if peace can divide or unite the partners. I am not so young nor unmindful not to have known what happened after signing of the Comprehensive (...)


MORE






Latest Press Releases


Progress observed at end of second month of R-ARCSS implementation 2018-10-22 06:44:02 Press Release 21 October 2018 South Sudanese government released 24 detainees in the implementation of the revitalized peace agreement said the International Committee of the Red Cross (ICRC) (...)

4th Annual Tony Elumelu Foundation Entrepreneurship Forum Announced for 25th October 2018 2018-10-15 12:38:14 PRESS RELEASE OCTOBER 14, 2018 Africa’s leading entrepreneurship-focused philanthropic organisation, the Tony Elumelu Foundation (TEF), has announced October 25, 2018, as the date for its (...)

Unity State community in Kenya supports Khartoum peace agreement 2018-08-17 08:33:21 PRESS STATMENT 14th Aug, 2018 Re: We shall Rally behind Khartoum Peace Agreement The Unity State Community Association in Kenya was established in 2010 to organize and mobilize the people of (...)


MORE

Copyright © 2003-2018 SudanTribune - All rights reserved.