Sudan to Seek $1 Billion Central Bank Deposit 

Sudan to Seek $1 Billion Central Bank Deposit (News Central TV)

Sudan’s finance minister will seek a $1 billion central bank deposit to support the country’s currency when he visits Saudi Arabia, according to a statement released by the finance ministry on Tuesday.

The economy of the North African country has deteriorated since a coup in October, when international financing was suspended, and the country’s currency has fallen by more than a quarter. A scarcity of hard currency has plagued the country.

“Finance minister Jibril Ibrahim is expected to meet his Saudi counterpart in Jeddah to discuss cooperation and arrangements for the $1 billion deposit to the Sudanese central bank,” the finance ministry statement said.

According to reports, at the end of last month, the central bank had received deposits from Saudi Arabia and the United Arab Emirates, without specifying amounts.

The Sudanese pound, which was trading at 750 to the dollar on the black market on March 24, was trading at around 575 on Tuesday, while a dollar could be purchased at banks for around 625 pounds.

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