In a Press conference,The Governor of the Central Bank of Sudan

In a press conference, H.E Dr. Sabir M. Hassan Governor, Central Bank of Sudan:

"There is a wrong message delivered in media pertaining to the potential effects of the forthcoming political Referendum of the South which, in turns created pressure on foreign exchange markets that resulted in increasing of foreign exchange prices in respect of the Sudanese Pound"

H. E Dr. Sabir M. Hassan; held a press conference on Thursday of September 30th, 2010 in the Central Bank of Sudan Headquarter. The Press Conference was attended by all foreign exchange market stake-holders and most of the Journalists and Media agencies working in the country.

In his speech at the conference, he stated clearly that, the wrong message and informal talks delivered in the media whether in news papers or any un-organized forums that spelt out an expected worse economic situation that may take place as a result of the forthcoming Referendum, set instability in foreign exchange markets and created signs of sentiments towards the dollarization.

He stick to his words that; the un-expected turns down of the International Financial Crisis is the worsted impact on the Sudanese economy whereas, for things that a country may expect to happen, the economic managements will be taking all the necessary measures designed in a holistic approach to cushion the national economy. Accordingly, in case of the expected Referendum, all alternatives are laid down to meet any post-Referendum results.

Moreover, he flashed the development in the macro-economic indicators to date, by giving main macro-indicators development e.g. inflation from an average of 15% from January through July 2010 to 10.3% in August. This happens due to a number of policy measure enforced by the Central Bank of Sudan regarding the increase in the Reserve Ratio and call back of all matured investment deposit by the Commercial Banks. On the other hand, the development realized in export of non-oil products realized a figure of US$ 1,073 millions by September 2010 whereby, it was only US$ 474 million for the same time span in 2009.

Moreover, credit extended to private sectors by all Commercial Banks amounted to SDG 118 million in 2009 and improved to SDG 197 million in mid of 2010. This rapid development resulted in the improvement of deposits and thereby development in the economic activities as well. These some indicators showing positive improvements that demonstrated the ability of the Central Bank of Sudan to over-come the effects of the International Financial Crisis as such.

The Central Bank of Sudan, among the other stake-holder in the national economic management, is able to overcome any effects that may worsen the economic situation of the country. So the expected Referendum will not be as harmful as the International Financial Crisis of 2008 that hit the National Economic Situation of the Sudan. It is thereby, Central Bank of Sudan gained an excellent experience in working on how to cushion any unprecedented impact, so he said that, all possibilities as measures will be taken accordingly on timely and orderly to meet any worsted possibilities.