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The Central Bank of Sudan explains the reasons for the "floating of the pound"


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The Central Bank of Sudan explains the reasons for the "floating of the pound"

l 2 hours ago

Sky News Arabia - Abu Dhabi

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Sudanese pound
Sudanese pound

The Central Bank of Sudan revealed, on Sunday, the reasons that led to the unification of the pound exchange, while the country suffers from a difficult economic situation that has been exacerbated for years.

The financial institution indicated, in a statement, the context of this decision, such as the high state budget deficit and the high balance of payments deficit, which led to an exacerbation of inflation in Sudan.

In the same direction, the Sudanese pound exchange rates varied, between the official rate and the parallel market, amid a continuous decline in the local process.

The statement also talked about the role of the secession of the state of South Sudan, because this event led to the loss of most of the oil reserves, and the crisis was further exacerbated by the US embargo and the presence of Sudan in the Washington list of countries sponsoring terrorism.

The Central Bank indicated that after successive positive milestones, such as removing the name of Sudan from the list and signing the "Juba Agreement", the authorities chose to reconsider all economic policies, hoping to help achieve economic stability.

The statement stated that the transitional government’s opinion has settled on adopting measures aimed at reforming and unifying the exchange system, by adopting what is known as the "flexible and managed exchange rate system."

Based on the new policy, the Central Bank of Sudan has contacted exchange companies to implement reforms, starting from Sunday, February 21.

The statement says that the aim of these reforms is to unify and stabilize the exchange rate, in addition to transferring resources from the parallel market to the official market.

 

The decision also bets on attracting remittances from Sudanese working abroad through official channels, and foreign investment inflows.

The Sudanese central bank says that it is betting on the normalization of the relationship with regional and international financing institutions, as well as on curbing the smuggling of goods and currencies, and on cutting off the path to speculators.

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