Financial and Banking News


Sudan Devalues, Announces Limited Austerity Program 

Sudan last week devalued it commercial exchange rate by nearly 29%, from S£3.3=$1 to S£4.25=$1 while leaving its official rate unchanged at S£2.5=$1. The commercial rate diverged sharply from the official rate in October 1984, when it was set at S£2.10, before being set at the S£2.50 rate in February 1985. Sudan, like Egypt, uses a 'currency pool'...