Sudan sharply devaluates pound against U.S. dollar

KHARTOUM, Dec. 25 (Xinhua) -- Sudan on Monday officially devaluated Sudanese pound (SDG) against U.S. dollar from 6.9 to 18 pounds.

Abdul-Rahman Dirar, Sudan's State Minister at Ministry of Finance, made the announcement at a press conference.

The official exchange rate of the U.S. dollar against SDG at the Central Bank of Sudan has been 6.9, with an incentive on the transfers to attract the savings of the Sudanese expatriates.

Sudan has recently announced a package of economic measures to revive the economy and contain the decline of the national currency against foreign currencies.

The secession of South Sudan in 2011 has negatively affected the Sudanese economy as the country lost around 70 percent of its oil revenues, creating a big gap in the foreign exchange market and the exchange rate.

Additionally, the lifting of the U.S. economic sanctions on Sudan last October 6 fails to stop the decline of the Sudanese pound against U.S. dollar. Enditem