Home | News    Thursday 3 October 2013

Qatar to deposit $1 billion in Sudan’s central bank: report

separation
increase
decrease
separation
separation

October 2, 2013 (KHARTOUM) - The Qatari government has agreed to deposit $1 billion with Sudan’s central bank (CBoS) to support the economic reform measures and cover balance of payments’ deficit, according to a newspaper report.

JPEG - 12.8 kb
Central Bank of Sudan (CBoS) ( Photo Reuters)

Qatar has been one of the few countries where Sudan enjoys relatively warm relations with. For years the rich Arab Gulf state has hosted peace talks between the Sudanese government and Darfur rebel groups which eventually resulted in the signing of a peace accord in 2011.

Last year, Qatar announced that it will inject $2 billion of investments in Sudan including “the purchase of government bonds issued by the Sudanese government and investments in different sectors particularly mining, oil, agriculture and services”.

But economic expert Khalid Elnour told Sudan Tribune earlier this year that out of the $2 billion promised by Doha only $500 million was actually disbursed.

Informed sources told the pro-government Al-Rayaam daily on Wednesday that the central bank will receive the deposit within the coming few days, saying that it will help stabilise exchange rates and curb the rise of the dollar on the black market and mobilise production sectors.

The same sources predicted that the dollar, which is now trading at 8 Sudanese pound on the black market, will fall below 7 pounds.

They also pointed out that Sudan received a total of $2.5 billion last year, including a Qatari deposit of $2 billion with Sudan’s central bank to be repaid within 4 years, $200 million from China, and $300 million from Libya.

This is not the first time the government made such announcements on external Forex help which allowed for temporary reprieve for the Sudanese pound on the black market.

Some observers accuse the government of deliberately feeding false news on Forex receipts in a bid to scare the black market into selling its Forex holdings to ease pressure on the local currency.

Last year, a senior CBoS official told Sudan Tribune that he had no knowledge of a government disclosure that a cash transfer was made to Khartoum by a neighboring country.

Khartoum is under pressure to preserve the eroding value of its currency in the wake of the secession of the oil-rich South Sudan in July 2011.

Last month, the Sudanese government launched a new austerity package which included lifting fuel subsidies which almost doubled prices of gasoline and diesel. The cabinet also raised the US dollar exchange rate for importing purposes to 5.7 pounds compared to an official rate of 4.4.

Critics say that this measure along with the declining value of the pound will only fuel any already high inflation 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.
  • 3 October 2013 11:40, by Observer

    Yet more lies from a lying desperate government... have they not learnt now that the people are not as easily fooled by their lies as they used to be.

    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


Appointment of Dr. Riek as FVP is welcome but...? 2016-02-13 13:18:16 By James Okuk “Geography has made us neighbors. History has made us friends. Economics has made us partners, and necessity has made us allies.” – President J.F. Kennedy. On Thursday February 11, (...)

Formation of “TGoNU” without Constitutional Amendment: Is it a right of necessity? 2016-02-09 20:30:29 By Mabor Maker Dhelbeny In its 55th Extra-ordinary Meeting, held on 30th – 31st January, 2016 in Addis Ababa, Ethiopia, the IGAD Council of Ministers in the communiqué on South Sudan: (1) (...)

Terrorism Tops African Summit Agenda: Lip service or strategic move? 2016-02-07 04:56:59 By Trayo A. Ali In Africa, terrorism is not only strategic threat to continent political security and destabilization, but more importantly it also constitutes fundamental challenge and eminent (...)


MORE






Latest Press Releases


Civil society group decries delay of S. Sudan transitional gov’t 2016-01-29 18:08:53 South Sudan Civil Society Alliance Date: 29.1.2016 For the immediate Release Press Release Following the passing of deadline of the formation of Transitional Government of National Unity in the (...)

Africa: Strengthen steps to end child marriage 2015-12-14 08:04:41 December 10, 2015 African governments should coordinate action to improve laws, education, health care, and public awareness to end the scourge of child marriage, Human Rights Watch said today (...)

Professor Akolda, it is too early for you to go 2015-12-06 06:36:15 I learnt from social media of the untimely departure of Professor Akolda Maan Tier on the 30th Nov 2015, whom I knew and admired, as one of the great, committed sons of both Sudans, who dedicated (...)


MORE

Copyright © 2003-2016 SudanTribune - All rights reserved.