Sudan Devalues Currency to Meet IMF Reform Agenda

Sudan’s central bank sharply devalued its currency on Sunday to unify the official and black-market exchange rates in an attempt to access debt relief from the International Monetary Fund (IMF) and other major donors.

Following the political transition, Sudan wants to adopt a major reform demanded by the IMF, and delayed due to a shortage of basic commodities and rising inflation.

Several commercial banking sources said that the Central Bank set the indicative price at 375 Sudanese pounds for a dollar, from a previous official rate of SDG 55.

Recently, the dollar traded between 350 and 400 pounds on the black market.

A circular sent to banks said the central bank would set a daily rate in a flexible float, where Banks, official outlets and black market are required to trade within 5% above or below this rate.