Khartoum (AFP) Sudan’s central bank Sunday announced it will devalue the local currency to 30 Sudanese pounds against the US dollar, the second such move in weeks amid soaring inflation. The new official exchange rate will go into effect on Monday, the central bank said on its website. The Sudanese pound has been trading at an official rate of 18 to the dollar but on the black market it has hit an all-time low and was selling for between 40 and 43 to the dollar on Sunday. The new devaluationRead More
Luanda (AFP) Angolan President Joao Lourenco was elected five months ago promising an “economic miracle”. But the path to transforming the oil-dependent country’s economy will be long and difficult — as was highlighted by anger over the de facto de-valuation of the local currency. Since January, new central bank governor Jose de Lima Massano has been presiding over something of a fiscal revolution, weaning the local kwanza currency off its artificial peg to the dollar, and phasing in a floating exchange rate. The local unit has been fixed at aRead More
Khartoum (AFP) The Sudanese pound hit an all-time low against the dollar on the black market Tuesday, brokers said, fuelling concerns of soaring inflation as importers rushed to buy the US currency. On Tuesday, the pound reaching 30 to a dollar on the black market, its lowest level ever. The official rate is 18 pounds to a dollar. An acute shortage of dollars has weakened the Sudanese pound steadily, with the currency losing about 60 percent in the past year on the black market. “The pound touched 30 on theRead More