SUDAN NEWS ALERT: AP - Roiled by economic crisis, Sudan to float its currency

7/3/2022: AP - Roiled by economic crisis, Sudan to float its currency, by Samy Magdy

AP report cash-stripped Sudan announced it will float its currency as economic conditions deteriorate further four months after a military coup plunged the African nation into further turmoil.

The Central Bank of Sudan said banks and exchange firms will determine the value of the Sudanese pound based on supply and demand. The central bank governor, Yahai Hussein Ganqoul, said there will be no interference from the central bank.

The move is likely to cause a swift increase in prices of commodities and services in response to a drop in the value of the pound. Ganqoul said the move is part of a package of reforms that aim to stabilize the exchange rate of the pound. Local media report that the currency has been trading at around 570 Sudanese pounds to the dollar on the black market while its official rate was at just over 445 pounds to $1.