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
The Bank expects a 41% rise in 2025 and a further 6% increase in 2026. Gold topped $4,00...
Social media users accuse the UAE of backing Sudan’s RSF militia. Activists and celebrities c...
Ghana holds talks to address energy debt and tighten sector oversight New inspector, stricter...
COBAC raises bank capital requirement to 25 billion CFA francs from 10 billion Compliance dea...
The World Bank forecasts a 21% annual increase in fertilizer prices. Urea, DAP, and potash pr...
The regulator accuses AVZ and two executives of misleading investors. The case concerns undisclosed disputes over the Manono lithium project in the...
The budget will fund 20,000 tons of certified potato seeds for farmers. The volume of subsidized seeds rises from 18,346 to 20,000 tons this...
Namibia to launch national campaign on AI, digital and media literacy Govt cites rise in scams, deepfakes, and disinformation as key threats AI...
Projects to create 5,500 jobs, introduce first Luxury All-Inclusive resorts Part of Morocco’s plan to attract 26M tourists by 2030 ahead of the World...
Timkat, celebrated each year in Ethiopia, marks the feast of Epiphany in the Ethiopian Orthodox Church. It commemorates the baptism of Christ in the River...
The Namib Erg, also known as the Namib Sand Sea, is one of the most ancient and spectacular desert landscapes on Earth. Stretching along Namibia’s...