Sudan looks into effects of currency devaluation for Sudanese abroad

Jibril Ibrahim, Minister of Finance and Economic Planning, said that the government is investigating the best ways to address the conditions of Sudanese students abroad who are affected by the decision to adjust the Sudanese Pound to the parallel market rate.

This decision devalued the exchange rate of the US Dollar from SDG55 to SDG375, which means that students abroad will suddenly get much less money when exchanging their Sudanese Pounds, causing financial difficulties.

Yesterday, a specialised committee called ‘the Committee for the Follow-up of the Implementation of Economic Policies to Unify the Exchange Rate’ held a meeting with a number of local bank managers to look at these mechanisms and help them overcome some of their problems.

Today, the Sudanese Working Abroad Organisation also announced a package that would incentivise expatriates to transfer money back to Sudan.

Last month, Finance Minister Jibril Ibrahim expressed his hopes that adjusting the currency to the parallel market range would bring Sudan stability, stimulate remittances from Sudanese living abroad, and attract foreign investments. Economic experts also said that the measures would help to stabilise the exchange rate and encourage grants, loans, and emergency subsidies.

The Maritime Ports Authority (MATA) announced the adoption of a new exchange rate for the Euro of SDG457.69 yesterday. This exchange rate will be used in accounting adjustments and service accounting.