Sudan Sharply Devalues Currency as Economic Crisis Bites

BY AFP Sudan slashed the official value of its currency against the US dollar by more than half on Sunday, the third devaluation this year in the face of a mounting economic crisis. The move came just weeks after President Omar Al-Bashir replaced the government over its failure to curb economic woes including soaring food […]

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Forex Crunch: Ethiopia’s Immovable Object

The recurrent cause of Ethiopia’s forex crunch ranges from declining export performance to increasing imports; from declining net official public and private capital to stagnating individual transfers, … BY ABDULMENA MOHAMMED | ADDIS FORTUNE The Ethiopian economy has not in recent years been battered with as severe a shortage of foreign currencies as now. The situation […]

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Sudan’s Inflation Climbs Over 55 pct in March

Central bank introduced restrictions on withdrawals, leaving many unable to extract their cash from banks BY SUDAN TRIBUNE Sudan’s inflation rate has risen to 55,6% in March compared to 54,34% in February, reported the Central Bureau of Statistics (CBoS) In January, the director of the Troubled Currencies Programme at Johns Hopkins University Steve Hanke said […]

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Ethiopia President Says Country is Broke

A declining export, acute shortage of hard currency, an insatiable demand for imports, widening trade deficit and a crushing foreign debt. Ethiopia’s economy is heading to a crisis. BY ESAT NEWS Ethiopia will devalue its currency to attract foreign investment and close the gap in foreign trade, President Mulatu Teshome said at the opening of […]

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