Bank of Khartoum Stresses Transparency in Commodities Portfolio
The Bank of Khartoum has reaffirmed its commitment to transparency following rumors about its role in Sudan’s Strategic Commodities Portfolio.
In a press release, the bank clarified that the portfolio, established under the Central Bank of Sudan, has never been authorized to buy or export gold. It emphasized that neither the Central Bank’s circular nor the Economic Emergency Committee’s decision on gold trade granted such authority.
Instead, the portfolio has focused on securing vital imports, using the Bank of Khartoum’s facilities to bring in petroleum derivatives worth over USD 1 billion. These efforts, the bank said, contributed to stabilizing fuel supplies and strengthening the exchange rate until recent market fluctuations.
The statement highlighted that the portfolio is not exclusive to the Bank of Khartoum but is open to all banks and investors, under the chairmanship of the Central Bank. This, the bank argued, ensures competitiveness and reinforces public confidence in the system.
Acknowledging the importance of public trust, the bank pointed out that many Sudanese still keep their money outside the formal banking sector. It called for more initiatives to draw deposits into banks while urging media outlets to practice accuracy and responsibility when reporting on financial matters, warning against the harm misinformation can cause to stability and the public interest.
