The government of Sudan has announced the temporary ban of 19 products including food products. The measure came into effect last Thursday and it aims to protect the local currency and reduce the county’s budget deficit.
It is implemented as the Sudanese pound keeps falling to the dollar since the lifting of US economic sanctions. This will lead to a boost of Sudan’s imports and affect availability of foreign currencies in the country. Indeed, though the Central bank has kept exchange rate at 6.7 Sudanese pounds for a dollar, the scarcity of the currency in the formal circuit forces importers to turn towards the black market.
On this market, the rate was 27 Sudanese pounds for a dollar, the apex bank revealed last month. The institution had at the time announced emergency measures to reverse the trend, but performances recorded so far are mitigated as, according to Reuters, the exchange rate is currently at 25 pounds for a dollar on the black market.
Aaron Akinocho
Deposits grow 2.7%, supporting lending recovery Average loan sizes small, credit risk persists ...
Oil majors expand offshore exploration from Senegal to Angola Gulf of Guinea accounts for about 1...
Rwanda, partners break ground on $2 billion Kigali Innovation City Smart city targets ...
MTN is considering buying back telecom towers it sold years ago, signalling that control of infras...
Ziidi Trader enables NSE share trading via M-Pesa M-Pesa revenue rose 15.2% to 161.1 billio...
Isabelle Deschamps, who joined Rio Tinto in 2021, played a key role in the legal restructuring that accelerated development of the Simandou project. The...
DRC orders miners to transfer 5% capital to employees Requirement stems from 2018 Mining Code revision Government extending 5% employee stake rule to...
Madagascar renews disaster management partnership with Yas Yas serves 14.6 million subscribers, 68% market share Deal strengthens emergency alerts via...
Heineken to cut 5,000-6,000 jobs globally by 2027 2025 sales volumes fell 1.2% amid weaker demand Company expects 2-6% operating profit growth in...
had relaunched the International Festival of Saharan Cultures (FICSA) in Amdjarass after a seven-year hiatus. Niger participates as guest of honor,...
Porlahla Festival ends third edition in Kouto, promoting Senufo culture Event draws regional and international participants, boosting cultural...