Sudan: Central bank lobbies Sudanese in diaspora for dollars

Nov 10, 2016

This move is to increase availability of US dollars in Sudan forex market

In order to ameliorate the scarcity of US dollars in the Sudanese forex market, the Central Bank of Sudan has started offering incentives to Sudanese abroad to bring foreign currency into the nation's banking sector. The prolonged shortage in the United States dollars has weakened the Sudanese economy and crippled big businesses across the country. The shortage has become so severe that some banks have not only stopped paying foreign exchange transactions but also pay-outs on local dollar accounts. To increase availability of dollar in Sudanese forex market, the Central Bank of Sudan now buys dollar from Sudanese in diaspora around 16 Sudanese pounds against the dollar which is almost the rate at parallel market. Speaking on this development last Saturday, Sudan's Central Bank spokesman, Hazem Abdul-Qadir said, "the value of the incentive reached 128 percent of the value of the dollar in the banking system. We hope, through these measures, to attract the savings of workers abroad and providing more foreign currency resources to the banks to fund imports for private companies."