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On Friday, US President Donald Trump signed a decision to remove Sudan from the list of countries sponsoring terrorism after Khartoum paid $ 335 million in compensation to the families of the victims of the bombings of the US embassies in Nairobi, the capital of Kenya and the capital of Tanzania, Dar es Salaam in August 1998, and the USS Cole on the beaches. Yemen in October 2000.
According to officials and experts who spoke to Sky News Arabia in a previous report, the decision to remove Sudan from the list of countries that sponsor terrorism opened a great ray of hope for the Sudanese economy, which is burdened by debts estimated at 60 billion. of dollars, inflation rates of 212 percent and a terrible deterioration in all sectors of production, services and infrastructure. Infrastructure, almost total collapse of the banking sector, a significant drop in the value of the national currency, poverty rates above 70 percent and unemployment at 40 percent.
Experts summarize the benefits that Sudan could reap if the paperwork to remove its name from the terror list is completed, paving the way for it to discharge much of its foreign debt and return to international markets.
The new head of the Sudanese Capital Markets Authority confirmed that the banking and financial sector would be the biggest beneficiary of the lifting of sanctions, as the move would allow Sudan to return to financial markets and the global banking network, which would facilitate the attracting expatriate remittances estimated at around $ 5 billion annually, in addition to facilitating the flow of export earnings, most of which cannot find a way back to Sudanese banks due to the complications of the ban, which will affect positively the value of the Sudanese pound.
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Sudan’s “blacklisting” came about because the overthrown regime, Omar Al-Bashir, was home to terrorist groups and figures led by Al-Qaeda leader Osama bin Laden, who was later accused of being behind a series of of terrorist attacks that affected American interests in various parts of the world.
Market traders confirmed to “Sky News Arabia” that demand for the dollar had declined significantly over the past few hours, noting that the dollar was trading at 210 pounds versus 260 pounds in last week’s trading.
Traders in the Arab market had expected a further decline in recent days in light of relative optimism about the future of the Sudanese economy following the lifting of sanctions, which caused losses in the Sudanese economy estimated at more than 300 billion dollars and restricted the flow of foreign remittances through the banking system.
One of the traders told “Sky News Arabia” that the market is ready to enter a new phase following the news that foreign bank correspondence will soon be fully opened and the release of government accounts estimated at hundreds of millions of dollars. in foreign banks.
On Friday, US President Donald Trump signed a decision to remove Sudan from the list of countries sponsoring terrorism after Khartoum paid $ 335 million in compensation to the families of the bombing victims. at the US embassies in Nairobi, the capital of Kenya and the capital of Tanzania, Dar es Salaam, in August 1998, and the USS Cole on the beaches. Yemen in October 2000.
According to officials and experts who spoke to Sky News Arabia in a previous report, the decision to remove Sudan from the list of countries that sponsor terrorism opened a great ray of hope for the Sudanese economy, which is burdened by debts estimated at 60 billion. of dollars, inflation rates of 212 percent and a terrible deterioration in all sectors of production, services and infrastructure. Infrastructure and the almost complete collapse of the banking sector, a significant drop in the value of the national currency, poverty rates above 70 percent, and unemployment at 40 percent.
Experts summarize the benefits that Sudan could reap if the procedures to remove its name from the terror list were completed, paving the way for it to discharge much of its foreign debt and return to international markets.
The new head of the Sudanese Capital Markets Authority confirmed that the banking and financial sector would be the biggest beneficiary of the lifting of sanctions, as the move would allow Sudan to return to financial markets and the global banking network, which would facilitate the attracting expatriate remittances estimated at around $ 5 billion annually, in addition to facilitating the flow of income from exports, most of which cannot find a way back to Sudanese banks due to the complications of the ban, which will affect positively the value of the Sudanese pound.
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