Khartoum: The Central Bank of Sudan (CBOS) held a coordination meeting with general managers of commercial banks as part of its consultative approach with the banking sector, focusing on efforts to stabilize the exchange rate and secure foreign currency for essential and strategic imports.
According to Sudan News Agency, the meeting reviewed the impact of the central bank's interventions to increase foreign currency supply and balance the foreign exchange market, while discussing challenges faced by commercial banks and measures to address them through more effective and efficient market interventions.
The CBOS reaffirmed its commitment to providing foreign currency for essential and strategic imports to help stabilize supplies and reduce prices for consumers. It also stressed the need to increase export proceeds and ensure their repatriation to the banking system to generate additional resources for the national economy.
The bank emphasized the key role of commercial banks in enforcing regulations governing export and import transactions, verifying their compliance and ensuring that export proceeds enter the banking system while maintaining the efficiency and integrity of banking procedures.
The meeting affirmed continued coordination between the central bank and commercial banks and regular consideration of their observations and proposals to improve the mechanism and strengthen foreign exchange market stability.
The central bank also assured banks, exporters, importers, and the public that efforts to balance foreign exchange supply and demand would continue, and that it would employ all appropriate mechanisms to achieve this goal and meet foreign currency requirements for all import applications that satisfy the relevant technical and commercial requirements.