Sudan’s central bank says new law will ease pressure on exchange rate
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September 12, 2011 (KHARTOUM) – The Central Bank of Sudan (CBoS) said
today that amendments introduced this year to the foreign exchange law
should ease pressure on the pound versus other currencies.
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FILE - An official leaves after a news conference presenting Sudan’s
new currency at the Central Bank headquarters in Khartoum July 16,
2011 (Reuters)
In an emailed statement attributed to CBoS Director of the financial
markets administration Yahya Osman, it was noted that the law in its
new form will go into effect soon after it was approved earlier by the
national assembly and president.
The amendments pertain mainly to stiffening punishment on black market
traders who became the last resort for many people seeking access to
foreign currency.
Sudan has been hit by a scarcity of dollars caused by a drop in
foreign investments, increase in imports tab and most recently losing
the oil-rich south which became an independent state last July.
Many banks have said that they are unable to meet customers’ demand for Forex.
Travelers are restricted in the amount of hard currency they can buy
and carry with them abroad. They are also required to submit
documentation on the reasons for their travel to qualify for buying
hard currency.
CBoS has kept injecting hard currency into the market but many
analysts believe that the central bank’s low level of exchange
reserves is hampering its ability to make a meaningful intervention.
The Sudanese government has implemented tough austerity measures
earlier this year in preparation for the loss in oil revenues and
inevitable decline in hard currency influx.
(ST)
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