Sudanese pound depreciates 19% as banks are given freedom to set exchange rates
Sudanese banks sold the dollar at 530 Sudanese pounds today, Tuesday, about 19 percent lower than the previous price, after the authorities moved to confront the depreciation of the pound after the re-emergence of the black market.
The Central Bank of Sudan said in a statement yesterday, Monday, that banks and exchange companies will set and announce the buying and selling rates of currencies without interference from the Central Bank.
An emergency economic committee headed by Sudan's ruling council said it would unify official exchange rates and black market rates.
A Reuters correspondent said that the Bank of Khartoum, the largest bank in Sudan, and the Saudi Sudanese Bank set the exchange rate of 530 Sudanese pounds to the dollar this morning, Tuesday, compared to a price of about 445 pounds in the past.
The dollar was traded at about 560 pounds in the parallel market.
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