SUDAN NEWS ALERT: Reuters - Black market trade slows as Sudanese try banks after devaluation

22/2/2021: Reuters - Black market trade slows as Sudanese try banks after devaluation,

 Reuters reports that business on Sudan’s black market slowed and people sold dollars in banks for the first time in years, a day after authorities devalued the currency by more than 85% to try to secure debt relief and ease an economic crisis.

Aligning the official and black market rates is central to Sudan’s economic plans, which are hindered by the black market, used by most businesses and ordinary Sudanese, continuing to capture most of the hard currency trade.

Black market traders said they were waiting to see how banks would react and whether the government would intervene in the market to stop the Sudanese pound falling further or would crackdown on their activities.

The black market had been handling more than 90% of transactions, officials said, and is known for its convenience, free of red tape.