Bank of Sudan issues circular to organise investment

To implement its policies for the year 2012 aiming to encourage formation of financing portfolios and to establish investment funds of the commodities within the three-year economic program, the Central Bank of Sudan issued the circular (10) for the year 2012 tht determines the regulations pertinent to establishment of investment funds. The regulations stressed importance of determining the objectives and the purposes that the fund serves. The circular called for issuance of conditions to guarantee that fund resources shall be utilized for the operating financing of inputs which contribute to the field of imports replacement through the three-year program for commodities including wheat, sugar, edible oils and medicines, besides production of the export goods, including cotton, animal resources' products, gum arabic, gold and other minerals. The circular stipulated that the maturity dates of the funds should couple with the period of the program. The circular also covers legal and procedural regulations, pointing to the importance of determining the fund's potential risks, highlighting on the importance of adopting the principle of transparency and disclosure. The circular of the Central Bank of Sudan came within the context of the bank's policies in compliance with the three-year economic program aiming to fill the gap that resulted from the exit of oil from the state's budget.