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Sudan, Turkey study use of local currency in trade settlement

President Recep Tayyip Erdogan (L) and President Omer al-Bashir, exchange cooperation agreement between the two countries in Khartoum on 24 Dec 2017 (SUNA Photo)

June 2, 2018 (KHARTUM) - Sudan and Turkey agreed to ponder over using local currencies to settle trade and investments between the two countries, said the Central Bank of Sudan (CBoS) on Saturday.

The understanding was reached during a visit of a Sudanese delegation to Ankara led by the Finance and Economic Planning Mohamed Osman Suleiman Al-Rikabi to discuss economic cooperation, between the two countries in the fields of agriculture, energy, industry and development.

CBoS Governor Hazim Abdel Gadir told the official news agency SUNA, that he signed on Friday a memo of understanding with his Turkish counterpart Murat Cetinkaya providing to study ways to Use of national currencies for trade settlement.

This framework is established to reduce dependence on the US dollar and to deepen trade and financial integration but it requires to establish an economic base upon which such system can be launched.

Abdel Gadir pointed out that the meeting comes within the framework of his government efforts to integrate the Sudanese banking sector into the global banking system, twenty years after an economic by the United States.

He further said he met with officials of the Turkish bank of agriculture, Ziraat Bank, the largest Turkish government bank, and met officials of other private banks including Turkish Islamic bank Albaraka and agreed with them to work in Sudan and to cooperate with the Sudanese financial institutions
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In a meeting held on Friday, Turkish Prime Minister Binali Yildirim discussed with the visiting delegation ways to enhance bilateral ties further.

The two sides exchanged views on the mutual steps that could be taken to enhance bilateral relations, said the Turkish PM press office.

During a visit of President Recep Tayyip Erdogan to Khartoum in December 2017, Sudan and Turkey agreed to increase trade exchange to $1 billion in 2018 and to reach $10 billion in the future.

Further, the two countries signed 12 cooperation agreements and agreed to launch a strategic partnership covering agriculture, industry, minerals and health.

In a separate statement, the Sudanese oil minister Azhary Abdallah said he met his Turkish counterpart and discussed the development of bilateral cooperation.

Abdallah added that his ministry signed an agreement with the Turkish Petroleum International Company (TPIC) to develop oil industry in Sudan.

(ST)