Mohamed Abdullah Al-Jadaan, Saudi Finance Minister said this deposit will strengthen the financial and economic situation in Sudan, especially the exchange rate of the Sudanese pound
, which should reflect positively on the living conditions of the Sudanese citizens.
Riyadh, May 19, 2019, SPA -- Further to what has been published on April 21, 2019 to provide a joint package of aid by KSA and UAE to Sudan totaling USD 3 billion; USD 500 million has been provided by both countries as a deposit in the Central Bank of Sudan to strengthen its financial position, alleviate pressure on the Sudanese pound
and achieve more stability in the exchange rate.
The USD three-billion aid package include USD 500 million as a deposit in the CBS with a view to cementing the financial position of the central bank, offsetting the pressures on the Sudanese pound
and meeting the needs of the Sudanese people in terms of foodstuffs, medicines and petroleum products.
The move will strengthen Sudan's "financial position, alleviate pressure on the Sudanese pound
and achieve more stability in the exchange rate," the statement said.
"This is to strengthen its financial position, ease the pressure on the Sudanese pound
and increase stability in the exchange rate," the Saudi Press Agency said.
Khartoum, April 21 (SUNA) - The Economist and Member of the Arab Baath Socialist Party- Sudan Country Leadership Engineer Adel Khalafallah said that the fall in foreign exchange rates against the Sudanese pound
was unrealistic and would not be reflected in consumer goods price immediately due to the current challenges face the Sudan Economy.
A government decision to raise the price of a loaf of bread from one Sudanese pound
to three (from about two to six US cents) sparked demonstrations across the country on Wednesday.
The upgrade is mainly a result of the revaluation gain arising from the change in the official exchange rate of the Sudanese Pound
and the cancellation of the additional incentive rate.
Although its Sudan operations suffered foreign exchange losses following the plunge in the value of the Sudanese pound
, the local currency has stabilized recently.
A man counts South Sudanese pound
banknotes in Juba (file).
halved the exchange value of the Sudanese Pound
. Consequently Sudan is trying to boost gold and farming exports, it is able to produce huge
Oil exports had been the main source for the public spending and foreign currency, which Sudan needs to support the Sudanese pound
and pay for food and other imports.