Sudan’s central bank to auction $40 mln in foreign currency

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Sudan’s central bank said on Sunday it would auction $40 million in foreign currency on May 26 in the first event of its kind following a sharp devaluation of its pound in February.

The central bank announced last week that it was launching a system of foreign currency auctions for importers as part of its managed floatation of the Sudanese pound.

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Last February, the central bank instructed banks to unify the country’s official and black-market exchange rates, a move expected to significantly devalue the Sudanese pound.

The change aims to help the country overcome a crippling economic crisis during a fragile political transition, and access international debt relief following an International Monetary Fund monitoring program.

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