Sudan Offers Incentive to Expats

The Central Bank of Sudan is offering Sudanese living abroad incentives to attract their foreign currency into the Sudanese banking system to alleviate the country’s foreign currency crunch, Reuters reported. The central bank, which has been keeping the Sudanese pound artificially strong at 6.4 per dollar, is now buying dollars from Sudanese living abroad for around 16 per dollar, close to the parallel market rate. “The value of the incentive reached 128% of the value of the dollar in the banking system,” Hazem Abdul-Qadir, Sudan’s Central Bank spokesman, told Reuters on Saturday.