Sign in

Sudan devalues

ECA International

This is just a brief post to alert those with staff in Sudan to news of a huge devaluation of the pound by the country's central bank on Sunday. The official exchange rate was changed from USD 1 / SDG 55 to SDG 375, meaning the local currency lost 85% of its value. The new rate is close to what's available on the black market, which the authorities obviously hope to suppress considerably by unifying the rates. However, the pound will not be free-floating, but managed to at least some degree, so exchange rates could quickly diverge again unless the bank allows further movement of the official rate according to market sentiment.

There will be more on this story in next week's global currency review. In the meantime, if you need advice on this or any other global mobility issue, do please get in touch.

Like this article? Share it... Twitter Facebook   LinkedIn