Central bank presents package of measures to support economic reform program

September 29, 2020

Khartoum, Sept. 28 (SUNA) - A working paper on monetary and banking policies and foreign sector policies presented by the Deputy Governor of the Central Bank, Dr. Mohamed Ahmed Al-Bushra, in the first session of the third day of the Economic Conference today, presented a package of measures required to support the economic reform program.

He explained that the measures include controlling the sources of monetary expansion and the growth rates of the money supply by controlling the government's financing through temporary borrowing from the Central Bank within the limits agreed upon within the economy.
He called on the Central Bank to exit from participation in banks’ capital to maintain its neutrality in supervision and control while creating attractive methods for using non-cash payment tools.

As for addressing the imbalance in the external sector and stabilizing the exchange rate of the national currency, he stressed importance of increasing the competitiveness of Sudanese exports and establishing controls on foreign exchange purchases by government units and telecommunications companies.

This is besides adopting flexible exchange rate system and meeting all its requirements and providing sufficient reserves to enable the Central Bank of Sudan to implement the flexible exchange rate system, noting the importance of restoring foreign markets for Sudanese exports while taking advantage of bilateral, regional and international agreements and opening new markets.

The package, meanwhile, emphasized the necessity of reducing the current spending of the state, increasing real resources, canceling customs exemptions and boosting the Ministry of Finance’s control over public funds.

The package focused on the importance of reducing the cost of producing export goods to increase their competitiveness.


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