Sudan to seek $1 bln deposit in central bank to boost its currency

Sudan plans to seek a $1 billion deposit in its central bank to support its currency during a visit to Saudi Arabia by the Sudanese finance minister, state news agency SUNA reported on Tuesday.

Finance minister Jibril Ibrahim traveled to Saudi Arabia on Monday evening to attend annual meetings of the Arab Monetary Fund and development funds established by Arab states, and also to meet his Saudi counterpart.

The agency did not make it clear if the deposit it is seeking would be made by Saudi Arabia or by the funds attending the meeting.

“During the visit, there will be arrangements to get $1 billion as a deposit in the central bank to support exchange rate stability in Sudan,” the agency said.

The Sudanese and Saudi ministers “will meet to discuss cooperation and the arrangements for the $1 billion deposit,” it added.

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