Saudi Arabia Deposits $250m Into Sudan Central Bank

An employee of a money changer holds a stack of U.S. Dollar notes before giving it to a customer in Jakarta, October 8, 2015. (Reuters Photo)

May 19, 2019 (KHARTOUM) — Saudi Arabia said on Sunday it deposited $250 million into the account of Sudan central bank.

The $250 million deposit is part of a three billion dollars assistance package that Saudi Arabia and United Arab Emirates (UAE) announced last April in support for the Sudanese economy after the regime of President al-Bashir.

"The (Saudi) Ministry of Finance has deposited SAR 937,500,000 (nine hundred thirty-seven million and five hundred thousand riyals, equalling two hundred fifty million USD dollars) into the Central Bank of Sudan’s account," said the official Saudi Press Agency.

Mohamed Abdullah Al-Jadaan, Saudi Finance Minister said this deposit will strengthen the financial and economic situation in Sudan, especially the exchange rate of the Sudanese pound, which should reflect positively on the living conditions of the Sudanese citizens.

On 28 April, the UAE and Sudan signed an agreement to inject $250 million in Sudan’s central bank as part of the joint $3 billion grant.

On 21 April, Saudi Arabia and UAE announced a joint $3 billion aid to Sudan.

The two Gulf countries said they would deposit $500 million in Sudan’s central bank to ease pressure on the Sudanese pound. The remainder will go toward food, medicine and fuel.

(ST)