Unifying the exchange rate of the dollar in Sudan … and the pound in trouble

0
26


The Central Bank of Sudan announced in a statement that it had issued instructions to banks to unify the official and parallel exchange rate from Sunday, in a move expected to result in a significant devaluation of the Sudanese pound.The measure aims to overcome a complex economic crisis and obtain international debt relief, as a result of a program from the International Monetary Fund.

The central bank did not clarify the rate at which it was decided to unify the exchange rate, but analysts say that in practice consolidation means moving to the parallel market rate, given that almost all transactions are calculated at that rate.Recently, the price of the dollar reached between 350 and 400 Sudanese pounds on the black market, compared to an official price of 55 pounds.

The exchange rate move was expected late last year under the IMF program, but was delayed due to political instability.





LEAVE A REPLY

Please enter your comment!
Please enter your name here