FINANCIAL NEWS

Sudan to cut imports by 20% this year

21 Sep 2010

(MENAFN) A senior official at the Sudanese government said that Khartoum is planning to cut imports by up to 20 percent this year in its latest bid to shore up its dwindling foreign exchange reserves as it tries to support the Sudanese pound, Reuters reported.

Sudan has been trying to boost its currency and fight the potentially destabilizing effect of import-driven inflation, at a time of growing political tension in the oil-producing state.

Analysts say Sudan’s forex reserves fell this year after the central bank intervened to support the pound, keeping its value against the dollar much higher than black market rates.

Finance minister Ali Mahmoud Abdel Rasoul said Sudan would force a reduction of 15 to 20 percent in imports by hiking customs charges on goods ranging from chocolate to cement.

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