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Monday, 22 February 2021

With an eye on debt relief, Sudan devalues currency

Sudan has heavily devalued its currency, the central bank said in a statement yesterday, in an attempt by transitional authorities to overhaul the battered economy and crack down on the black market. Stopping short of a float, the central bank has adopted a “flexible managed exchange rate” which according to banking sources has seen the currency plunge from SDG 55/USD to SDG 375. The policy change comes as the government tries to satisfy demands made by the IMF in return for debt relief.

Border tensions mounted between Ethiopia and Sudan on Saturday after the latter accused Ethiopian troops of an "unforgivable insult" for crossing the border — an allegation that Ethiopia denied.

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