Sudan's central bank receives $1.4bn to bolster foreign currency reserves

A merchant in Birao, northern Central African Republic, shows Sudanese bank bills on December 20, 2017. (AFP)
Updated 13 March 2018
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Sudan's central bank receives $1.4bn to bolster foreign currency reserves

KARTOUM: The Sudanese news agency announced on Tuesday that the Central Bank of Sudan will receive a $1.4 billion deposit from UAE to support its foreign currency reserves. 

Abu Dhabi Fund for Development said that the cash deposit is intended to help Sudan overcome foreign currency shortages.

The value of the Sudanese pound has fallen on the Sudanese black market. The deposit could help Sudan fend off further currency pressures.

As the country battled soaring inflation, the country has devalued its currency against the U.S. dollar. The move was a bid to attract foreign investment but foreign currency remains in short supply in the legitimate Sudanese banking system.

 


UAE’s Gargash: Arab coalition’s full control of Hodeidah only a matter of time

Updated 8 min 48 sec ago
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UAE’s Gargash: Arab coalition’s full control of Hodeidah only a matter of time

DUBAI: UAE’s Minister of State and Foreign Affairs Anwar Gargash Arab coalition’s full control of Hodeidah only a matter of time.

Gargash added that the Hodeidah port is a “major artery” for weapons smuggling from Iran to the Houthis.

“The liberation of Hodeidah is a major step in freeing Sanaa,” the UAE minister said, adding that “the roads leading to the port are filled with mines.”

France is said to be helping the Arab coalition in demining the roads.

“We have opened the road from Hodeidah to Sanaa to allow the militias to flee without resistance,” Gargash said.

The UN envoy for Yemen carried a plan to halt fighting around the key aid port of Hodeidah where Houthi militia have been battling a regional coalition as he arrived Saturday in the rebel-held capital Sanaa for emergency talks.

Martin Griffiths was expected to propose to militia leaders that they cede control of the Red Sea port to a UN-supervised committee and halt heavy clashes against advancing government troops backed by Saudi Arabia and the United Arab Emirates.

(With AFP)