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The United Arab Emirates (UAE), has decided to offer an equivalent of 1.4 billion U.S. dollars, to Sudan's central bank, amid the shortage of foreign reserves in the African country, official SUNA news agency reported, Tuesday.
"The UAE government has decided to support the Bank of Sudan, by depositing five million dirhams, an equivalent of 1.4 million U.S. dollars," SUNA cited a statement, by the UAE government, as saying.
According to the statement, the overall UAE investments and funds in Sudan, amount to an estimated 28 million dirhams (7.624 billion U.S. dollars).
Early in the month, an economic crisis erupted in Sudan, after a series of government measures backfired, by causing hikes in basic commodity prices, and depreciation of local currency.
Source: NAM News Network