Sudan’s Central Bank revealed that it will start printing 100-pound banknotes for the first time in response to a liquidity crisis. The Government is trying to cut spending as it faces a record of high inflation, a shortage of foreign currency, as well as growing concern about the decline of liquidity in banks.
Sudan's economy has been struggling since the south of the sprawling northeast African country seceded in 2011, taking with it three-quarters of oil output and depriving Khartoum of a crucial source of foreign currency.
Early in September, 11 months after the United States lifted 20-year-old trade sanctions, Omar al-Bashir, the Sudanese President dissolved his government and slashed a third of ministries to cut costs.
At over 60 percent, Sudan's inflation rate is among the world’s highest, while its currency buys fewer than half as many dollars on the black market -- which has effectively replaced the formal banking system -- as it did a year ago.
Source: (Gulf newspaper, Edited)
