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Sunday, 06 May 2018

CBOS Denies Floating Exchange Rate of National Currency

Khartoum - The Central Bank of Sudan (CBOS) has denied existence of any trend to float the exchange rate of the national currency as the CBOS Governor

, Hazim Abdul-Gadir, has affirmed that the bank is still adopting the managed flexible exchange rate system, saying that no change has been made in the management of the exchange rate.
Hazim has affirmed in a press statement that what had happened was inclusion of the bonus in the indicative rate in accordance with the managed flexible exchange rate system, making the mechanism of the central bank for the exchange rate to be changing the ranges around the indicative rate.
The CBOS Governor instructed the banks and exchange offices to declare the purchasing and selling rates within these ranges.
He pointed out to giving more resources to the banks for financing the productive sectors as the legal reserve rate has been maintained (18%).
He indicated that such regulations and circulars are usually issued in January every year on the implementation of the provisions of the circular of the central bank’s policies for the relevant year.
The Central Bank of Sudan earlier made an amendment in the indicative rate of the dollar according to which the official rate of the dollar was increased to more than 18 Sudanese pounds by inclusion of the bonus rate.