Central Bank of Sudan Announces the Launch of a $1 Billion Financing Portfolio

Port Sudan – Sudanhorizon

The Central Bank of Sudan has announced the launch of a joint financing portfolio, in cooperation with the Bank of Khartoum, with resources amounting to $1 billion.

In a statement issued today (Thursday), the Central Bank stated that this “step comes within the framework of its efforts to maintain exchange rate stability through its policies and procedures being applied in highly complex conditions.”
The bank added that it continues to intensify its efforts to address the current economic challenges.

The Central Bank highlighted its role in enhancing the supply of foreign currency to meet the import needs for a list of strategic goods prepared by the Ministry of Trade and Supply. It explained that the portfolio operates under the direct supervision and oversight of the Central Bank.

The statement emphasised that this mechanism aims to ensure efficiency in allocating foreign currency by integrating and coordinating roles among all relevant parties.

The Central Bank revealed that foreign currency will be provided to importers through transparent mechanisms. In coordination with the portfolio and regional and international financial institutions, it noted its ongoing efforts to increase foreign currency resources to meet the import of other goods and secure commodity loans to maintain exchange rate stability.

The Central Bank of Sudan also announced that it will issue a circular to operating banks explaining the portfolio’s working mechanism and making some adjustments in import regulations.

The Central Bank reaffirmed its “steadfast commitment to fulfilling its vital role in managing monetary policy and contributing to the country’s economic stability.