banking

Sudan issues new rules for selling dollars

May 3, 2021

KHARTOUM: Sudan’s central bank on Thursday relaxed restrictions to allow commercial banks more flexibility in selling dollars to clients, after the country’s pound currency weakened against the dollar on the black market for the first time in months.

Sudan devalued the pound in February and put in place a managed currency float mechanism to allow commercial banks to take over the currency market and stamp out informal trading that had been driving the currency to historic lows.

The largely successful 85% devaluation was challenged only last week when dollars began to appear on the black market once more at only 10 pounds more than the official price of 388. Bankers said commercial banks were not selling sufficient dollars to importers.

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