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GCC offsets the West

by Executive Staff

The change happened slowly, over a period of months. Day by day, the stock of green-back American dollars in Sudan’s central bank has decreased. And day by day, the bank’s stock of multi-colored Euros increased. By the opening weeks of 2008, the Bank of Sudan had deliberately and determinedly set a course for a dollar-free economy by switching almost all of its foreign currency reserves into euros and a basket of other currencies. It was the latest and most dramatic manifestation of a growing economic separation between Africa’s largest country and the world’s largest superpower — a split caused by more than ten years of economic sanctions imposed by the US onto Sudan over reports of humanitarian atrocities, first during the country’s north-south civil war, and later during the Darfur conflict. Euros fill the gap At first glance, the American exit might look like an economic disaster – particularly since

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