Tag Archives: Devaluation

Cash Runs Out in Khartoum as Sudan Struggles to Halt Economic Crisis

Many cash machines in the Sudanese capital have run out of banknotes as the government scrambles to prevent economic collapse

BY KHALID ABDELAZIZ | REUTERS

Many cash machines in the Sudanese capital have run out of banknotes as the government scrambles to prevent economic collapse with a sharp devaluation and emergency austerity measures. Continue reading Cash Runs Out in Khartoum as Sudan Struggles to Halt Economic Crisis

Sudan Sharply Devalues Currency as Economic Crisis Bites

The central bank pegged the Sudanese pound at 47.5 against the dollar from the previous rate of 28 to the dollar, the third devaluation this year, in the face of a mounting economic crisis.

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 prices. Continue reading Sudan Sharply Devalues Currency as Economic Crisis Bites

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, …

As the country’s foreign exchange provision plummets into a whirlpool, the underground market for hard currency is thriving, threatening to chock business in the country.

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 has exasperated to the point where factories have been forced to operate under capacity, crucial medicines are disappearing from pharmacies and many goods are not found on shelves of supermarkets. The amount of international reserve has dwindled. It only covers 1.8 months of imports by the end of the last fiscal year. Continue reading Forex Crunch: Ethiopia’s Immovable Object

Sudan’s Inflation Climbs Over 55 pct in March

Central bank introduced restrictions on withdrawals, leaving many unable to extract their cash from banks

The Sudanese pound hit a record low of about 40 pounds to the dollar last month on the black market, but the devaluations and a ban on deposits of dollars obtained from the black market have reversed this trend.

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 Sudan’s inflation has skyrocketed to a record high of 122% pointing the East African country “now has the second highest inflation rate in the world after Venezuela”. Continue reading Sudan’s Inflation Climbs Over 55 pct in March

Sudan Devalues Pound to 31.5 Against US Dollar

The Sudanese pound plummeted to record lows on the black market this year after it was devalued to 18 per dollar from 6.7. Now it’s at 31.5

Sudan’s central bank said on Sunday it had decided to weaken the exchange rate at which banks can trade their scarce supply of dollars to an upper limit of 31.5 Sudanese pounds per U.S. dollar.

BY YVONNE RARIEYA | CGTN AFRICA

Sudan’s central bank on Sunday announced it will devalue the local currency to 31.50 Sudanese pounds against the US dollar, the second such move in weeks amid soaring inflation.

The new official exchange rate will go into effect on Monday, the central bank said on its website. The Sudanese pound has been trading at an official rate of 18 to the dollar but on the black market it has hit an all-time low and was selling for between 40 and 43 to the dollar on Sunday. Continue reading Sudan Devalues Pound to 31.5 Against US Dollar

Ethiopia: Capital Flight Reaching Alarming Level

Attempts to illegally smuggle foreign currency out of Ethiopia have increased significantly following the devaluation of the local currency, according to the Deputy Director of airport travel and custom.

BY SHIBERU TAMERAT | ABBAY MEDIA

The illegal outflow of foreign currency out of Ethiopia has gone up recently. Since the recent drop of the birr (Ethiopian currency) by 15% against the US dollar, the illegal flight of US dollar and the number of people attempting to smuggle US dollar out of the country have increased dramatically. Continue reading Ethiopia: Capital Flight Reaching Alarming Level

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.

Going down, down, down … Country already sunk in a bagful of public debt – close to $40 Billion …

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 the bicameral parliament on Monday.

He said his government is faced with a serious shortage of hard currency and export trade has dwindled in last three years. Continue reading Ethiopia President Says Country is Broke

Eritrean Currency Stronger than South African Rand?

Out of the 9 African countries with stronger currencies than the South African Rand, the Eritrean Nakfa is one which is traded as 1 Nakfa at R1.01

By Nick Paul,

THE Rand has had a lot of flack for its devaluation over the past couple of years. As I already wrote about a few countries with a weaker note and now let’s take a look at African countries who’s currencies are stronger than ours.  Continue reading Eritrean Currency Stronger than South African Rand?