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Last Updated: Feb 13, 2011 - 7:24:29 AM

Apex bank intervenes to save Sudanese Pound
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Apex bank intervenes to save Sudanese Pound
PANA

 Sudan?s Central Bank said Thursday that it intended t o continue its actions in the financial markets to save the Sudanese Pound from u ncontrolled slide against the US dollar.

The Central Bank said it had set a specific limit within which the US dollar wou ld be allowed to strengthen against the Sudanese Pound.

The bank said it would intervene, using certain measures, including the injectio n of foreign currency into the market to check the US dollar.

On Thursday, the Sudanese Pound exchanged at 2.28 to the US dollar and the Centr al Bank quoted the local pound at 3.35 to the Pound Sterling, It traded at 2.81 t o the Euro, according to figures posted by the Central Bank on Thursday.

The Sudanese Pound appeared to lose ground against the US dollar in recent weeks , having traded at 2.22 to the dollar in the early weeks of May, gradually losin g ground to 2.26 to the dollar by 30 May.

The Central Bank said its actions to intervene in the market was partly to be ab le to save the country from the import burden.

"The intervention of the Central Bank through certain measures, including the re activation of available mechanisms, such as the provision of more foreign curren c y to the banks will ensure that they (banks) are able to satisfy the needs for t h e importation of necessary requirements,? the Bank said.

The Bank said it would step up its supervision of the locally-accredited forex b ureaus to ensure that they effectively implement the policies as issued by the C e ntral Bank.

The Central Bank also pledged to continue pursuing local black market traders to keep the local currency steady.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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