Freedom to Deal in Foreign Currency

By: KEM

Khartoum – The state will shortly allow free dealing in foreign exchange market for licensed businesses with a capital of 100 million US dollars, according to press statements made Monday by chairman of the economic committee of the Transitional Military Council (TMC) Maj. Gen. Ibrahim Jabir Ibrahim.
The TMC member further asserted that the state will not engage, under any circumstances, in sale or purchase of the US dollar.
In the past, the (Central) Bank of Sudan used to intervene by offering sale and purchase of the greenback in continuous efforts to regulate the foreign exchange market and arrest devaluation of the local currency against foreign exchange rates.
Following downfall of the defunct regime of President Omer Al-Bashir last April 11, the Sudanese pound gained several points in trading against other foreign currencies when 45  pounds fetched one dollar, up from the previous 75-90 pounds for one US dollar.

 

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