Home | News    Wednesday 25 October 2017

Sudan allows banking clearing transactions in U.S. dollar

separation
increase
decrease
separation
separation

October 24, 2017 (KHARTOUM) - The Central Bank of Sudan (CBoS) has revoked previous restrictions preventing banks from carrying out clearing transactions in U.S. dollars.

JPEG - 24.9 kb
U.S. dollar notes (Reuters/Athit Perawongmetha Photo)

Earlier this month, the U.S. Administration permanently lifted 20-year-old economic sanctions that have seriously damaged Sudan’s trade, investment and banking transfers.

The new regulation issued by the policy department at the CBoS Sunday allows all banks to carry out business transactions in all convertible currencies including the U.S. dollar.

The new regulation, seen by Sudan Tribune, cancels the November 17, 1997, decision of the CBoS foreign exchange department which prevents the use of U.S. dollar in clearing transactions.

It also revokes the decision issued by the CBoS policy department on 24 December 2007 which pertains to the use of other currencies except for the U.S dollar.

The new regulation further allows the banks to deposit their legal foreign currency reserve with the CBoS in all convertible currencies including the US Dollar.

Meanwhile, the CBoS said the new set of monetary and banking measures and policy reforms aims to control liquidity, maximize export revenues, and decrease imports to stabilize the exchange rate and reduce inflation.

It added the reforms also aims to curb foreign currency speculations in the black market in order to restore confidence in the banking system following the full lifting of the U.S. economic embargo.

The CBoS urged all banks to expand the networks of their foreign correspondence including the U.S. banks, demanding them to carry out transactions in all convertible currencies including the dollar.

Last week, the CBoS announced that Sudanese banks have actually begun to receive international transfers from banks in the United States and Europe.

(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.
  • 25 October 2017 09:47, by Midit Mitot

    Sudan economic would be fine sooner, I have seen.

    repondre message

  • 26 October 2017 06:30, by flipdiving

    Thanks for your sharing. Hope you can contribute more quality posts to this page. Thank you!
    nodejs quiz

    repondre message

Comment on this article



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


s
Sudan Tribune

Promote your Page too

Latest Comments & Analysis


Sudan can not give what it does not have 2018-10-16 14:36:47 The Sudanese Regime Tends to Order Righteousness to others while ignoring doing so for itself By Mahmoud A. Suleiman Heads of Failed States in the African Continent are trying to save other (...)

Ethiopia’s PM should review policies 2018-10-14 20:42:05 Ethiopian Prime Minister Dr Abiy Ahmed needs to change course in some of the policies he introduced in Ethiopia before history that brought him to leadership repeat itself. By Lul Gatkuoth (...)

Evaluating the IGAD-led peace mediation in South Sudan 2018-10-09 13:19:50 Lako Jada Kwajok September 12, 2018, marked the signing in Addis Ababa of the revitalised peace agreement also known as Revitalised Agreement on the Resolution of Conflict in the Republic of (...)


MORE






Latest Press Releases


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 (...)

The Suspension of Hurriyat Online Newspaper 2018-04-29 07:04:37 Sudan Democracy First Group 28 April 2018 The Sudanese civil and political circles and those concerned with Sudan were shocked by the news that the management of Hurriyat online newspaper has (...)


MORE

Copyright © 2003-2018 SudanTribune - All rights reserved.