Sudan and Russia Intend to Use Local Currencies in Trade Transactions

A delegation from the Central Bank of Russia visited Sudan to discuss the use of local currencies in settling trade transactions, along with other issues.

The Governor of the Central Bank of Sudan, Burai Al-Siddiq, met with a high-level delegation from the Central Bank of Russia, according to the Sudan News Agency.

The agency reported that the talks between the two sides “will explore the possibility of using local currencies to settle commercial transactions between the two countries, which would reduce reliance on foreign currencies.”

The delegation is expected to discuss opportunities for joint investment in critical sectors such as precious metals, including gold, where Sudanese and Russian banks can finance these projects.

The agency noted that the discussions would focus on a range of promising opportunities for banking cooperation, including facilitating the establishment of correspondent banking relationships between Sudanese and Russian banks and opening branches in both countries to support trade exchange and increase exports and imports between the two nations.

It was mentioned that the Central Bank of Sudan and its Russian counterpart intend to exchange financial and banking experiences, emphasizing the importance of adopting the latest technologies to improve the efficiency and effectiveness of banking services.