ZCZC
BCN-04
SUDAN-BANKING-US-SANCTION
Banks ‘reticent’ to work with Sudan: finance minister
KHARTOUM, Jan 3, 2018 (BSS/AFP) – Sudanese Finance Minister Mohammed Osman
al-Rikabi said on Tuesday that banks across the world are still wary of
working with Khartoum despite the US ending a trade embargo.
The United States ditched its 20-year trade embargo against Khartoum in
October, citing improvement made by Sudan in its human rights record, but
still includes it on a blacklist of “state sponsors of terrorism”.
“We did not benefit from the lifting of the embargo. World banks are still
reticent about doing business with Sudanese banks,” Rikabi told reporters.
Under the terms of the US embargo Sudanese banks could not receive money
transfers from abroad.
Rikabi’s comments come after parliament on Sunday approved an annual
budget, aimed at reducing inflation from 34 percent to 19.5 percent and
tackling a devalued Sudanese pound.
As of January 1, the official rate has been set at 18 pounds to the US
dollar, compared to 6.9 in December.
Rikabi said the “real problem” facing the country was the exchange rate of
the pound.
Sudan has been rocked by years of conflict with rebels in the vast western
region of Darfur and the southern Blue Nile and South Kordofan states.
The economy has been suffering from the loss of three-quarters of its oil
resources when South Sudan gained independence in 2011.
And the country has been rocked by demonstrations against the government
which reduced subsidies and raised prices on certain commodities
BSS/AFP/MR/ 0958hrs