Sudan Central Bank Receives $1.4 bln Deposit from UAE

Sudan Central Bank Receives $1.4 bln Deposit from UAE

Wednesday, 14 March, 2018 - 06:30
Asharq Al-Awsat
Sudan’s central bank has received a deposit of $1.4 billion from the United Arab Emirates to help bolster its foreign exchange reserves, state news agency SUNA reported on Tuesday.

According to Reuters, Sudan has suffered an acute currency shortage in recent months, hurting imports and largely limiting dollar trading to an increasingly expensive black market for hard currency.

The deposit was provided by the Abu Dhabi Fund for Development, SUNA said.

The Sudanese pound had plunged sharply in late 2017 on the black market, and the authorities in a bid to end the market volatility have devalued the currency twice since January.

On Tuesday, the pound traded at 32 to the dollar on the black market, compared with the official rate of 30.

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