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Sudanese pound rises first time in years

Sudanese pound rises first time in years

Sudan

The Sudanese Pound reached a historic high in October 2018 after a record low of 22.23 in April 2010.

Bankers say the pound strengthened to 46.95 against the U.S. dollar on Sunday, in its first rise since the government introduced daily rating by bank executives and exchange houses last week.

The rate was set at 47.50 pounds to the dollar, a sharp devaluation from the previous official rate of around 29 pounds to the dollar.

Its rise came after the Sudanese central bank announced it had been pumping cash into local banks to enable them to buy foreign currency from the public.

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