Sudan to Devalue Currency

Sudan is to devalue its currency to 18 Sudanese pounds per dollar in January from the current exchange rate of 6.7, the finance minister said on Tuesday, Reuters reported. The International Monetary Fund urged Sudan earlier this month to float its currency to boost growth and investment, but the government has ruled out a market-determined exchange rate. The devaluation which includes the customs exchange rate—the rate used to calculate customs duties—is timed to take place when the 2018 budget begins, in the first week of January, Finance Minister Mohamed Othman Rukabi told Reuters. Traders said the black market rate jumped to 27 SDG per dollar from 25 SDG per dollar on Tuesday after the devaluation was announced. “The whole budget for the new year is based on an official rate of 18 SDG per dollar. We expect the results of this policy to be positive for the Sudanese economy,” he said.