Roiled by economic crisis, Sudan to float its currency

By SAMY MAGDY
Associated Press

CAIRO (AP) — Cash-stripped Sudan has announced it will float the country’s currency as economic conditions deteriorate further, some four months after a military coup plunged the African nation into further turmoil. The Central Bank of Sudan said on Monday that banks and exchange firms will determine the value of the Sudanese pound based on supply and demand. It says the move is part of a package of reforms that aim to stabilize the exchange rate of the pound. Local media report that the currency has been trading at around 570 Sudanese pounds to the dollar on the black market while its official rate was at 445.39 pounds to the dollar.