FILE - In this July 24, 2011, file photo, Sudan's new currency sits behind a window at the central bank in Khartoum, Sudan. The country took the unprecedented but expected step of floating its currency Sunday, Feb. 21, 2021, meeting a major demand by international financial insinuations to help transitional authorities overhaul the battered economy.
The flotation is the boldest economic measure taken by the joint military-civilian government that has ruled the African country after a popular uprising. The revolt led to the military’s overthrow of autocrat Omar al-Bashir in April 2019. The country has since been on a fragile path to democracy with daunting economic challenges representing a major threat to that transition.
Sudan’s currency will now fluctuate according to supply and demand, according to a statement by the Central Bank of Sudan. It said the flotation is part of measures the transitional government has embarked on to help stabilize the country’s economy.The Central Bank said the flotation would help “normalization of ties with international and regional financial institutions and friendly countries to ensure the flow of grants and loans” into Sudan’s economy.
The move was a key demand by the International Monetary Fund, which set last September as a deadline for the government to move to a “unified market-clearing exchange rate.” Sudan should conclude a 12-month Staff Monitoring Program with the IMF to win relief on its foreign debt, which is at $70 billion. The IMF was expected to brief its board on Sudan’s measures in March.
The country was plunged into an economic crisis when the oil-rich south seceded in 2011 after decades of war, taking with it more than half of public revenues and 95% of exports.
bank, liberalizing and unifying the exchange rate is a very late decision. You will suffer a little pain in the beginning, but it will be a new start for Sudan. This could be the best economic decision in the history of post-independence Sudan Sudan
It is a simple, print their paper money and buying bitcoin, then import anything cheaper money from world market.
All the Best to Sudan 🇸🇩.
Bitcoin eliminates this.
Military in Burma use even Sniper rifle with prohibited bullets 7.62mm to kill the peaceful protesting civilians. One man had cracked his head only with a bullet by head shot. Today, they continue to kill the rest of family members to shut their statement. I got photos for that
I wish them well.
By floating its currency they could flood the economy which in turn would make their government worth a lot less!
So, instead of going on a diet, they went and had their nails done.
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