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The financial institution said in a statement the background to the decision, such as the high state budget deficit and high balance of payments deficit, which led to exacerbation of inflation in Sudan.
Likewise, Sudanese pound exchange rates have fluctuated between the official rate and the parallel market, against a backdrop of continued decline in the local process.
The statement also referred to the role of the state secession of South Sudan, as this event resulted in the loss of most of the oil reserves, and the crisis was further exacerbated by the US embargo and the presence of the name of Sudan on Washington’s list. States sponsoring terrorism.
The Central Bank indicated that after successive positive steps, such as the withdrawal of Sudan from the list and the signing of the “Juba Agreement”, the authorities have chosen to reconsider all economic policies, in the hope of contribute to economic stability.
The statement said that the opinion of the transitional government focused on the adoption of measures to reform and unify the exchange system, adopting what is called the “flexible and managed exchange rate system. “.
Based on the new policy, the Central Bank of Sudan contacted foreign exchange companies to implement reforms from Sunday February 21.
The press release indicates that the aim of these reforms is to unify and stabilize the exchange rate, in addition to transferring resources from the parallel market to the official market.
The decision also bets on the attractiveness of remittances from Sudanese working abroad through official channels and foreign investment flows.
The Sudanese central bank says it is betting on normalizing relations with regional and international financial institutions, as well as combating the smuggling of goods and currency, and cutting the way for speculators.
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