Sudan set to devalue its currency
The Finance Minister of Sudan Mohamed Othman Rukabi has on Tuesday (December 26) noted his Government's plan to devalue its currency from the current exchange rate of 6.7 Sudanese Pounds per dollar to 18.
The Finance Minister said, "The whole budget for the new year is based on an official rate of 18 SDG per dollar. We expect the results of this policy to be positive for the Sudanese economy."
The country also imposed tight restrictions on imports of luxury goods, directing remaining liquidity toward "sectors that boost growth."
Businesses are unable to secure their hard currency needs at the previous official peg of 6.7 pounds to the dollar and are forced to resort to a parallel market. Government's timely measure will resolve such problems, it was noted.