Friday 20 April 2018

Minister: Sudan lost $45bn as a result of US sanctions

Minister: Sudan lost $45bn as a result of US sanctions
(Middle East Monitor 03/09/17)
Sudan's Finance Minister Badr Al-Din Mahmoud

Sudan’s Finance Minister Badr Al-Din Mahmoud said yesterday that his country has lost nearly $45 billion as a result of the US sanctions imposed on Khartoum.

Mahmoud said the US sanctions have impacted the Sudanese economy, citizens’ standard of living and the banking sector.

The United States lifted economic sanctions imposed on Sudan in January last year.

The minister stressed that the banks have lost a significant portion of their profits while foreign banks stopped dealing with them for fear of being fined, in addition to the decline in remittances and refusal to exempt the country from foreign debt.

Mahmoud said that his country will review its exchange rate policies as one of the measures after the lifting of the sanctions.

He pointed to the continuing economic and political reform processes to ensure economic stability and communication with international institutions in the United States as well as inviting the US private sector to visit the country.

Governor of the Central Bank of Sudan, Hazem Abdul-Gadir Ahmed Babiker, called on Arab banks to deal with local banks.

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