Khartoum, Feb. 21 (SUNA)- The Central Bank of Sudan (CBOS) has issued circulars directed to banks and exchange companies to implement the reform vision of the state as of today, Sunday, February 21, 2021, by unifying the exchange rate.

The CBOS said in a statement it issued that the move aims at unifying and stabilizing the exchange rate, transferring resources from the parallel market to the formal market, attracting remittances from Sudanese working abroad through official channels and attracting foreign investment inflows.

It also targets normalization of relations with regional and international financing institutions and friendly countries to ensure the attraction of grant and loan flows from these bodies and motivating producers, exporters and the private sector by giving them the suitable exchange rate, the central bank said.

It said the decision, further, aims at curbing smuggling of goods and currencies, closing loopholes to prevent speculators from taking advantage of a gap between the official price and the parallel market price besides helping to work for writing off Sudan's foreign debts by benefitting from the Heavily Indebted Poor Countries (HIPC) initiative.

The statement point out that ensuring the success of these policies and procedures requires concerted efforts of all relevant bodies, including government agencies and the private sector, and the implementation of the economic reform package immediately, without delay, and with full coordination.

It explained that while the government is looking ahead to a new phase as a result of the political developments after the glorious December Revolution and the signing of the Juba Peace Agreement, and within the framework of openness to the outside world, after the name of Sudan was removed from the list of countries sponsoring terrorism, it is imperative to reconsider all economic policies of the state to be in line with the requirements of the stage in order to help in achieving economic stability.

BT/BT

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