Welcome to Africanews

Please select your experience

Watch Live

Business

business

UAE deposits $1.4 billion to Sudan Central Bank to ease forex crisis

UAE deposits $1.4 billion to Sudan Central Bank to ease forex crisis

Sudan

As Sudan struggles to tackle an acute foreign exchange crisis, the United Arab Emirates has stepped in and offered $1.4 billion to Sudan’s Central Bank.

According to Sudan’s state news Agency (SUNA ), the deposit was provided by the Abu Dhabi Fund for Development.

The UAE aid comes just days after SUNA reported that the central bank had agreed to a $2 billion loan from Turkish conglomerate Ozturk to help Sudan purchase petroleum products and wheat.

The report did not provide details of the deal.

The Sudanese pound has weakened against the dollar in recent months on the black market amid a shortage of hard foreign currency, in turn forcing the central bank to devalue the pound twice this year.

Since January, sporadic protests have erupted in Khartoum and some other parts of the country after the cost of bread soared on the back of rising flour prices.

The authorities have curbed the protests, but high food prices continue to spread discontent across the country.

View more