The Sudanese Ministry of Finance revealed that Sudan has canceled the customs exchange rate used in calculating import duties, as a last step in the process of devaluing its local currency.
The customs rate was excluded from a new system announced by the Central Bank on February 21, aimed at unifying the official exchange rate and the black market rate to help Sudan overcome a stifling economic crisis and obtain debt relief, as the official exchange rate for the Sudanese pound had been set earlier at 55 to the dollar.
Sudan is pressing ahead with a reform plan monitored by the International Monetary Fund as it seeks debt relief and attracts new financing. In this context, the IMF announced that it had secured sufficient funding pledges to allow it to provide comprehensive debt relief to Sudan.
It also indicated that more than 100 member countries of the Fund pledged to provide more than 992 Special Drawing Rights, equivalent to $1.415 billion in financing that will enable the settlement of Sudan's arrears to the Fund.
Source (Al-Arabiya.net Website, Edited)
