Sudanese government relaxes banking regulations
Abdul-Rahim Hamdi , the Sudanese finance minister, said that all state-owned banks in Sudan would soon be available for privatization, reports Al-Hayat daily.
The finance minister announced a series of incentives to assist the local banking sector; especially as far as export and import activities are concerned. These included the abolishment of a compulsory declarations of foreign currency, and restriction on who could open a foreign currency bank account. Up until now, a foreign currency account could only be opened with an initial deposit of no less than $5,000.
Hamdi said that the central bank would provide commercial banks with an annual amount of $70 million to provide foreign currency to clients. Commercial banks would have until July to increase their capital to $11 million to meet the expected demands for foreign currency, he stated. – (MENA Report)
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