Ministers visit Sudanese banks to monitor currency changes

A group of ministers visited Sudanese banks yesterday to monitor the procedures regarding the recent adjustment of the Sudanese Pound exchange rate and to address the challenges within the economy and banking system for the Sudanese people.

The (wali) governor of the Central Bank of Sudan (CBoS), Mohamed Zeinelabidin, met with bank managers to discuss observations and complaints regarding the currency adjustment.

Earlier this week, the government devalued the Sudanese Pound by adjusting it to its exchange value on the parallel market. The official CBoS exchange rate with the US Dollar was increased from SDG55 to SDG375 for purchase and SDG376 for sale at commercial banks. 

In his meeting, Zeinelabidin said that the success of this operation depended on the concerted efforts and cooperation of all bank managers. 

Prime Minister Abdallah Hamdok expressed his happiness and pride about the international conversations and developments with regards to the new measures. He said that they would push the national economy towards a better future and achieve positive results for all sectors. 

He also expressed his gratitude to various people for assisting in the implementation of this policy.

In Khartoum, foreign currency exchanges through the Omdurman National Bank branches amounted to an equivalent to one million dollars in different currencies on Tuesday and Wednesday.

An authorised source at Omdurman National Bank stated that the bank is ready to receive all sorts of foreign exchange transactions (transfers, sales, and purchases) from anyone.

The source emphasised the bank's ability to receive money from all Sudanese living abroad and deliver it to their families in the same currency in which it was transferred. 

Earlier this week, Finance Minister Jibril Ibrahim expressed his hopes that adjusting the currency to the parallel market range would bring Sudan stability, stimulate remittances from Sudanese living abroad, and attract foreign investments. Economic experts also said that the measures would help to stabilise the exchange rate and encourage grants, loans, and emergency subsidies.