Sudan Central Bank Allows Forex Bureaus to Determine Own Exchange Rate
Foreign exchange (Forex) bureaus in Sudan will be able to buy and sell currencies using their own exchange rate away from the official one, it was announced today.
The privately owned Al-Shorooq TV on its website quoted the deputy Secretary General of Forex bureaus union Abdel-Moniem Nur al-Deen as saying that this decision was communicated to them during a meeting with central bank officials.
Abdel-Moniem said that Forex bureaus no longer have to abide by the official exchange rate and can now use the market rate in their daily trading operations.
The move was taken in order to curb the flourishing black market for hard currency and also to attract transfers by Sudanese expatriates abroad, he added.
Sources told Al-Shorooq TV that the central bank will soon allow commercial banks to do the same.
The US dollar traded for twice the official rate of 2.7 Sudanese pounds despite multiple interventions by the central bank to inject hard currency into the market.
Last week, officials in Sudan’s central bank announced that it has received a "large" transfer of cash from an unnamed foreign source. They projected that this would soon reflect in a 50% decrease in the exchange rate of the US dollar on the black market.
By ST, 18/05/2012