Inflation slows down in Sudan to 387.56%
KHARTOUM (Reuters) – Down inflation in Sudan For the first time under the country’s transitional government, which took office two years ago, the currency is showing signs of stabilizing after a year of tough economic reforms.
Inflation slowed sharply from 422.78 percent in July to 387.56 percent in August, ending a trend of big monthly increases that pushed inflation to a level not seen in decades.
Sudan is in the midst of a deep economic crisis, while declining reserves usually lead to shortages of fuel, bread and essential medicines.
In order to attract support and foreign investment, the government implemented economic reforms that the International Monetary Fund is monitoring, including the removal of fuel subsidies and the devaluation of the currency in February.
In recent weeks, the currency has stabilized on the official and parallel markets at a price of about 450 Sudanese pounds to the dollar.
According to government data, inflation increased in five out of eight Sudanese states, and Gedaref state recorded the highest rate at 977.01 percent.
On Monday, the Central Bank of Sudan said that the country had managed to increase exports by 68 percent, but stressed that this level was not enough.
Inflation slowed sharply from 422.78 percent in July to 387.56 percent in August, ending a trend of big monthly increases that pushed inflation to a level not seen in decades.
Sudan is in the midst of a deep economic crisis, while declining reserves usually lead to shortages of fuel, bread and essential medicines.
In order to attract support and foreign investment, the government implemented economic reforms that the International Monetary Fund is monitoring, including the removal of fuel subsidies and the devaluation of the currency in February.
In recent weeks, the currency has stabilized on the official and parallel markets at a price of about 450 Sudanese pounds to the dollar.
According to government data, inflation increased in five out of eight Sudanese states, and Gedaref state recorded the highest rate at 977.01 percent.
On Monday, the Central Bank of Sudan said that the country had managed to increase exports by 68 percent, but stressed that this level was not enough.
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