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Local news - Economy

Finance: Sudan could not benefit from revoking sanctions, because of terrorism list

Khartoum, 10 April (SUNA) -The State Minister for Finance has underlined that delay in lifting the name of Sudan from terror sponsoring list, has negatively impacted benefits expected from revocation of the economic sanctions

Dr Abdul Rahman Dhirar, told the Legislature that Sudan has remained for a long time from dealing with the international banking system a matter requiring restoration for confidence which in turn is time bound until the normal situation is restored.

The minister said the Sudanese banking system survived and is displaying strength albeit the long economic siege, and that the banking system was able to play its economic and social role in the best possible manner.

He said no Sudanese bank was bankrupt and that the coordination between the Ministry of Finance and the Central, the Bank of Sudan, is exemplary on issues related to financial and monetary policies as well as provision of foreign cash for import of life saving drugs.

The minister attributed the unprecedented hike in the foreign currency exchange to black market dealing in hard currencies and to smuggling while at the same time huge amount of local currency is offered in the markets, coupled with a media warfare that targeted the national economy. He said the government strong intervention has restored the situation to normalcy.

Members of the parliament have meanwhile called for revisiting the economic and financial policies adopted by the ministry of and the central bank recently and that the livelihood of the ordinary people be given priority in all planning