SUDAN NEWS ALERT: Bloomberg - Sudan Central Bank Devalues the Currency to Revive Economy
Bloomberg reports that Sudan’s central bank steeply devalued the country’s currency, as part of a broader effort to win debt relief and revive the struggling economy.
The move was demanded by international lenders but threatens to pile on more hardship in Sudan, where the inflation rate topped 300% in January.
The change is critical to helping Sudan win some debt relief, Finance Minister Jibril Ibrahim told reporters, while acknowledging that it will lead to a “soaring of prices.” He said “precautions” would be taken to help cushion the impact, but offered no details.