CBS Continus Provision of Resources for Importing Basic Commodities

Khartoum – Sudanhorizon

The Central Bank of Sudan CBS reaffirmed on Tuesday its commitment to provide resources to meet the country’s needs for strategic and essential goods. This commitment aims to stabilize the supply of goods and contribute to lowering prices for the end consumer.

This announcement came during a coordination meeting held by the bank with the general managers of commercial banks. The meeting aimed to assess the efforts of the Central Bank and commercial banks to stabilize the exchange rate, provide the necessary resources for importing essential and strategic goods, and evaluate the impact of the Central Bank’s intervention in increasing the supply of foreign currency to achieve balance in the foreign exchange market.

The meeting discussed the observations and opinions of the general managers of commercial banks and focused on the challenges that have emerged recently. It also explored ways to address these challenges and implement various intervention mechanisms in the foreign exchange market more effectively and efficiently.

The Central Bank emphasized the importance of concerted efforts to increase the country’s export proceeds and ensure their repatriation, contributing to providing additional resources for the national economy. It stressed the crucial role of commercial banks in adhering to the regulations governing import and export operations and ensuring their accuracy, thus facilitating the flow of proceeds into the banking system and maintaining the efficiency and integrity of banking procedures.

The meeting affirmed the continuation of coordination between the Central Bank and commercial banks, and the importance of listening to their observations and suggestions. This coordination aims to develop the mechanism, achieve its objectives, and enhance the stability of the foreign exchange market.

The Central Bank of Sudan reassured banks, exporters in particular, importers, and the public that efforts to balance supply and demand in the market will continue. The Central Bank will employ all appropriate mechanisms to achieve these objectives and will continue to meet the import needs for foreign currency for all requests that fulfill the technical and commercial requirements.

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