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Central Bank of Sudan receives Saudi deposit of $250 million

May 20 - 2019 KHARTOUM
Central Bank of Sudan (CBoS)
Central Bank of Sudan (CBoS)

On Sunday, the Saudi Ministry of Finance deposited the sum of USD 250 million into the account of the Central Bank of Sudan.

Saudi Finance Minister Mohamed bin Abdullah Al Jad'an said the deposit was an extension of Saudi support for Sudan, pointing out that this support will boost the financial and economic situation in Sudan, especially the Sudanese pound exchange rate.

The Abu Dhabi Development Fund signed an agreement with the Central Bank of Sudan at the end of last month to raise another $250 million in support the bank's fiscal policy and to achieve financial and monetary stability in Sudan.

Joint assistance package

In April, Saudi Arabia and the United Arab Emirates (UAE) said they would provide $3 billion to Sudan to strengthen the financial position of the country.

The joint assistance package would include a $500 million deposit for the Central Bank of Sudan “to ease the pressure on the Sudanese Pound and to achieve greater stability in the exchange rate”.

The rest of the amount was designated to meeting the urgent needs of the Sudanese people, including food, medication, and petroleum derivatives, the UAE said in a press statement.

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