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

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.

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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