Sudan’s central bank governor leaving – reports
February 7, 2011 (KHARTOUM) – The governor of Sudan’s central bank will soon quit his position, local media in Khartoum have reported.
His resignation comes at a crucial time for the Sudanese economy as the country is months away from the South’s official separation.
The North stands to lose billions of dollars in revenue from oil produced mostly in the South. Under a 2005 peace accord for the last five years both sides equally split the proceeds of the exports from the oilfields.
It is not clear what the formula for sharing the oil wealth will be after the South becomes independent but it is likely to be less than the 50-50 deal currently in place.
The country’s split will deepen the North’s economic woes which include low levels of foreign exchange reserves and soaring inflation levels.
The Sudanese cabinet last month approved an austerity package which gradually removes all subsidies on sugar and petroleum products with the goal of reducing the budget deficit and preventing an economic collapse according to the finance minister.
The government is also in the process of privatizing state-owned firms to remove the burden of supporting companies which continued to be in the red zone profit wise.
Officials in Khartoum blame economic instability since last year largely on speculative trading and hoarding in the run-up to the referendum.
But private analysts say the referendum is only a minor factor, and that Sudan’s economy has hit crisis point because of years of mismanagement and overspending.
(ST)
Miamangawai
Sudan’s central bank governor leaving – reports
congretulation to those South Sudanese who voted for seperation. The great suffering we have been enduring from the Northern( Arabs) since 1972 comes just to an end.
After the resignation of the Central Bank governor, do you (bashir) think you will earn the dollars you wre getting on the back of Southerners? The olny thing you should do is to surrender yourself to ICC rather than keeping yourself as the president. Southerns divorced you, Turabi and other arabs divorced you, moreover the financial position is going to do the same.
That man knows where he used to get money. After he knows the owners are going back to South with their money, no need to remain on position without source of income.