Sudan’s central bank receives $1.4bn to bolster foreign currency reserves

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The Sudanese news agency announced on Tuesday that the Central Bank of Sudan will receive a $1.4 billion deposit from UAE to support its foreign currency reserves.

Abu Dhabi Fund for Development said that the cash deposit is intended to help Sudan overcome foreign currency shortages.

The value of the Sudanese pound has fallen on the Sudanese black market. The deposit could help Sudan fend off further currency pressures.

As the country battled soaring inflation, the country has devalued its currency against the U.S. dollar. The move was a bid to attract foreign investment but foreign currency remains in short supply in the legitimate Sudanese banking system.

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