Home | News    Thursday 27 September 2007

Sudan central bank plans to convert dollar reserves to Euro

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September 26, 2007 (KHARTOUM) — Sudan’s central bank said that it plans to convert all dollar reserves into Euro and other currencies by year end.

Bank of Sudan

Hussein Yahya Jangoul, head of financial markets at Sudan’s central bank said that the decision was taken to circumvent both current and future sanctions imposed by the US.

Another Sudanese official speaking to Reuters said that the reserves covered three months of imports.

Jangoul said the Bank of Sudan had issued recommendations to commercial banks, government departments and private businesses to move their transactions abroad and balances to currencies other than U.S. dollars.

Sudan’s Central Bank has issued a similar decree in 1997 following US sanctions imposed by former US president Bill Clinton. However the implementation of the decision has failed.

The Washington Post quoting CIA officials earlier this year said that Khartoum established a committee to look into ways of making the economy less dependent on the US dollars. The committee concluded that the proposal is not feasible.

Last May the US slapped sanctions on 31 companies, including oil exporters, blocking them from US trade and financial dealings.

Sudanese officials dismissed sanctions saying that it will have little impact on their economy.

However several reports have indicated that the Sudanese economy is beginning to feel the effects of the US financial sanctions.

British diplomats speaking to the Daily Telegraph last week said that they believe US sanctions have added pressure on Khartoum forcing it, among other things, to change position on the deployment of peacekeepers to Darfur.

More than 200 000 people have been killed and some 2.5 million displaced in the four-year conflict in Darfur, an area the size of France.

(Reuters/ST)

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