Sudan and Russia explore local currency bilateral trade settlement to cut dependence on foreign currencies
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Loading... - Lisa Adong
- 19 Sep 2024
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Sudan and Russia are in discussions to settle bilateral trade using their local currencies, aiming to reduce reliance on foreign currencies. The talks, reported by Sudan’s state news agency SUNA, involved a high-level delegation from Russia’s central bank and officials from the Central Bank of Sudan. This potential move is seen as a way to strengthen trade relations and reduce currency risks.
Additionally, the two countries are exploring joint investments in sectors like precious metals, particularly gold, with Sudanese and Russian banks potentially financing such ventures. Sudan has been actively seeking Russian investment, especially in its gold mining industry, though the sector has faced allegations of secrecy and corruption.
The central banks are also considering establishing correspondent banking relationships, opening branches in each other's countries to facilitate trade, and sharing financial expertise with a focus on new banking technologies.
In April, Sudan's leader Abdel Fattah al-Burhan agreed to implement a deal for a Russian naval base on the Red Sea, which is expected to further enhance economic and military collaboration between the two nations.
