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Sudan announces plans to stop currency drop

November 21, 2017 at 11:11 am

Sudanese President Omar Al-Bashir [Doyle Industries/Twitter]

The Sudanese government yesterday announced a package of economic and financial measures to stop the record drop in the local currency.

The decisions came after an emergency meeting held by President Omar Al-Bashir at the presidential palace in Khartoum with the economy minister and other officials.

Finance Minister Mohamed Osman Al-Rikabi told reporters that the decisions include organising imports, temporarily halting the financing of local trade, diverting financing to productive sectors, exports and manufacturing industries.

The minister pledged to take strict legal measures to deal with non-formal dealings with foreign exchange markets, the smuggling of subsidised goods and the smuggling of gold.

Read: US sanctions not the cause of Sudan’s economic problem

The decisions also include a austerity package which would limit government officials to travelling only when absolutely necessary and after obtaining the cabinet’s approval.

Central Bank Governor, Hazem Abdul Qader, told reporters that the meeting resulted in decisions to strengthen the bank’s ability to control the foreign exchange market so that the exchange operations are carried out by authorised bodies.

Following the announcement, the Sudanese pound rose to 24 against the dollar compared to its record low of 27.