Sudan receives first US dollar transfers since sanctions lifted

2017-10-11 21:05
(iStock)

(iStock)

Multimedia   ·   User Galleries   ·   News in Pictures Send us your pictures  ·  Send us your stories

Khartoum - Sudan's central bank said on Wednesday it had received its first overseas fund transfer in US dollars since Washington announced the lifting of a 20-year-old trade embargo against Khartoum.

Washington last week announced the lifting of sanctions from this on Thursday onwards, saying Khartoum had made progress on conditions set for ending the embargo, in place since 1997.

"The transferring of American dollars has commenced after the lifting of sanctions," Sudan's official news agency SUNA said, quoting a statement from the Central Bank of Sudan.

"Yesterday, two Sudanese banks received overseas money transfers in US dollars, one from America and another from Europe," it said, without specifying the amounts or the banks' names.

Washington had imposed sanctions two decades ago over Khartoum's alleged support for Islamist militant groups.

It had slapped restrictions on international banking transactions and exchange of technology and spare parts, along with other trade barriers.

Sudan's economy also suffered a body blow when the south split from the north in 2011 after a bitter civil war, taking with it the bulk of the country's oil revenues.

Sudan's currency has been volatile on the black market since Washington's announcement.

Previously valued at 21.50 to the dollar, the Sudanese pound strengthened to 18.50 in the aftermath of Washington's announcement.

It was trading at 20 to the dollar on Wednesday.

"The news that Sudanese banks have received US dollar transfers has not impacted the currency market so far," a forex trader said.

Sudan's central bank has kept the pound's official rate at 6.7 to the dollar, but the currency had slumped significantly on the black market in recent months.

The weakening of the pound has bumped inflation up to around 35%.

Washington last week said Khartoum had made progress on maintaining a cessation of hostilities in conflict areas, giving aid workers access to such zones and cooperating with US intelligence agencies to fight "terrorism".

Read more on:    us  |  sudan  |  east africa

Join the conversation!

24.com encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions.
NEXT ON NEWS24X

Inside News24

 
/News
Traffic Alerts
There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Settings

Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.




Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.