Mohamed Khair Ahmed Elzubair, Governor of Sudan’s Central Bank revealed that Sudan has started using a body of bankers and exchange offices to determine the exchange rate on a daily basis, as part of a package of measures aimed at facing an economic crisis.
He pointed out, "Sudan will also cancel last year’s restrictions imposed on imports of 19 food items and other materials," explaining that "the currency procedures mean that the value of the Sudanese pound is likely to decline against the dollar initially and then settle later." He added, "The new exchange authority will also determine the price of buying gold to fight smuggling."
The worsened shortage of hard currency has led to stricter limits on withdrawals, a flourishing black market on Foreign Exchange, and trading of the dollar above 40 percent of its value. As a result, Sudan's inflation rate jumped to an all-time high of 66 percent in August, one of the highest in the world.
Source: (Al-Hayat Newspaper, Edited)
