Current Date:

Tuesday, 21 November 2017

CBOS Decides to Tighten Control on the Government's Foreign Exchange

Khartoum - Central Bank of Sudan (CBOS) issued a new monetary policy for 2017 to tighten his control over the funds of ministries and government agencies in foreign currency both internally and externally, to be part of the bank balances to increase the efficiency of the development and management of the country's foreign exchange resources, in coordination with government agencies.
The new monetary policy emphasized the importance of maintaining the privacy and the nature of those bodies, and ordered banks to keep cash balances in the form of reserve of 18% of the total deposits in local currency.
The bank obliged banks that the total deposits in foreign currency will be 18%, giving an incentive of 5% in maximum of legal rate of its cash reserve to finance the production and export of the targeted commodities in the five-year program to become 13% rather than 18%.