RIYADH: Sudan’s first local visa card has been issued to its prime minister as Khartoum takes another step toward normalizing its financial system.
Prime Minister Abdullah Hamdok received the card from the Shariah-compliant United Money Bank, Asharq Business reported.
It follows a move by the government to unify the country’s exchange rate, United Money Bank CEO Yusef Ahmed Al-Tanni said.
Sudan has embarked on a number of economic reforms since being removed from the US Sponsors of Terrorism list late last year. That decision has helped the country take steps toward re-joining the international financial system.
Other reforms include fuel price liberalization, which contributed to the acceleration of inflation to 330.8 percent last month
“We aim to attract remittances of Sudanese working abroad through official channels and attract inflows of foreign investment,” the Central Bank of Sudan said.
“Unifying the Sudanese pound exchange rate, canceling fuel subsidies and tax measures within the 2021 budget, and increasing electricity, will reduce the distortions of the economy and facilitate financial control,” the International Monetary Fund said.