Saturday, December 3, 2022

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Sudan central bank sets new exchange rate

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Sudan central bank to merge the official and black market exchange rates on Sunday,  setting a new baseline exchange rate of 375 Sudanese pounds to the dollar, the unification would likely devalue the Sudanese pound.

The merging aims to help the country overcome the crippling economic crisis and access international debt relief. 

The central bank sent a letter of instructions to banks declaring that rates must be within 5% above or below the central bank rate based on market supply and demand and the profit margin between buying and selling prices should be no more than 0.5%.

Recently, the dollar traded between 350 and 400 Sudanese pounds on the black market, against an official rate of 55 pounds to the dollar.

Saturday’s move had been expected late last year under the IMF programme but was delayed by political instability.

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