Sudan: New measures set to stem fall in currency

By Mohammed Amin

Khartoum, SUDAN

Sudan announced new economic and financial measures on Monday to stop the sharp drop of the local currency against the U.S. dollar.

After a high-level meeting headed by President Omar al-Bashir, the government threatened to punish black market traders with capital charges of undermining the national economy, financing terrorism, and money laundering.

Sudanese Attorney General Omer Ahmed Mohammed told the press afterwards that the government will not tolerate attempts to sabotage the economy.

Sudanese Finance Minister Mohamed Osman Al-Rikabi has announced new measures to control the value of the local currency, including monitoring mechanisms to control the flow of hard currency outside the country, regulating hard currency purchases for public institutions only through the central bank, and directing commercial banks to give loans only for producing sectors.

He added that the measures also include combating the smuggling of gold and other export goods and limiting officials’ travel abroad.

The Sudanese pound has recently sharply declined against the dollar, despite the recent lifting of longstanding U.S. sanctions on the country in October.