SUDAN NEWS ALERT: Radio Dabanga - Sudan adjusts currency to parallel market rate

22/2/2021: Radio Dabanga - Sudan adjusts currency to parallel market rate

 Radio Dabanga reports that the devalued the Sudanese Pound with immediate effect. Finance Minister Jibril Ibrahim said that “unifying the currency” (setting the official exchange rate at the parallel market exchange rate) will bring Sudan stability, stimulate remittances from Sudanese living abroad, and attract foreign investments.

 The decision will also stimulate exports, help to receive revenues through official channels, and make sure Sudan can be included in the Debt Relief Under the Heavily Indebted Poor Countries (HIPC) Initiative, he added.

According to Ibrahim, the new financial measures will not result in a floating currency, and the flexible exchange rate is being managed. He claimed that foreign currency reserves are available to intervene, however he declined to disclose the size of these reserves.

 The Finance Minister stated that the decision was “not dictated by any external party”, but taken by the Sudanese government in consultation with experts.