Saudi Arabia deposits $250 million into Sudan’s central bank

Saudi Arabia said on Sunday it has deposited $250 million with the Sudanese central bank, according to a statement from the Kingdom’s ministry of finance.

The move will strengthen Sudan’s “financial position, alleviate pressure on the Sudanese pound and achieve more stability in the exchange rate,” the statement said.

Last month, Saudi Arabia and the United Arab Emirates said they would grant Sudan a total of $3 billion in aid. The grant would include a direct deposit into Sudan’s central bank, while the rest would be in the form of food, medicine, and petroleum products.

In recent years Sudan has been hit by an acute lack of dollars, a key factor behind the nationwide protests that first erupted in December and led to the toppling of former president Omar al-Bashir by the army last month.

The Sudanese currency had plunged even after the United States lifted its 20-year-old trade embargo on the country in October 2017.

Expectations that the end of US sanctions would bring an economic recovery failed to materialize, putting pressure on the pound.

Last Update: Wednesday, 20 May 2020 KSA 14:04 - GMT 11:04