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Local news - Economy

CBOS Governor affirms its mandate on state foreign exchange resources


Khartoum, Jan. 2 (SUNA) - The Governor of the Central Bank of Sudan Hazim Abdul-Gadir has stressed CBOS mandate on all the State's resources in foreign exchange in accordance with the directives issued by the concerned authorities in the State.
The CBOS governor, speaking at a joint press conference with the Minister of Finance and Economic Planning Tuesday at the Ministry of Information, pointed out to the central bank keenness in coordination with the Ministry of Finance on the stability of the exchange rate and the reform of its distortions, stressing the importance of more flexibility in the exchange rate to reduce those distortions.
Abdul-Gadir said that the CBOS policy for the current year focused on the increase of production to increase exports to contribute to augment the foreign exchange proceeds to cover the gap resulting from the growing demand for the foreign currencies.
The Governor of the Central Bank explained that one of the most important sources contributing to the increase in foreign exchange resources available now was the gold, which the central bank has been working to purchase it from the traditional miner, revealing that the Central Bank has begun to increase its prices to encourage its production and to reduce its smuggling.
Abdul-Gadir touched on the banking facilities granted to the exporters, particularly in the payment methods, referring to the opening of new markets to enable Sudanese goods to compete abroad in order to restore the balance of trade and ease the pressure on the foreign exchange which is currently available.
BH/BH