KHARTOUM, 23 February 2021 – The Sudanese pound strengthened against the U.S. dollar on the black market on Tuesday, two days after a steep devaluation.
The dollar traded stable, for the official rate of 370 pounds.
That is better than the trade rate of 380 to 385 pounds to the dollar on Monday.
Sudan’s finance ministry and central bank say aligning the official and black market rates is crucial to the success of the deep devaluation of the pound.
Sudan is banking on the devaluation to climb out of the financial and economic crisis the country finds itself in.
With success, Sudan could win a debt relief package from the International Monetary Fund, paving the way for debt forgiveness from creditors of the Paris Club.