Sudan sharply devalues currency

Sudan

sharply devalued its currency yesterday after a body of banks and money changers was tasked with setting the country’s exchange rate under a new system established by the government to tackle an acute shortage of foreign exchange.

The team set the Sudanese pound at 47.5 to the US dollar on what was the new system’s first day, the head of the country’s bankers’ union said, down from 29 Sudanese pounds under the old system run by the central bank. (Reuters)