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→
The East African country of Eritrea has joined the membership of the African Export-Import Bank (Afreximbank), becoming the 48th African country to become a participating state or a shareholder in the continental multilateral trade finance institution. Continue reading Eritrea Joins Afreximbank as a Shareholder→
Recently, the President of Eritrea, Isaias Afwerki urged African financial institutions to focus on assisting African countries to address the disadvantages arising from the underdevelopment of the continent’s economy.
The president made this known in Asmara when he received a delegation of the African Export-Import Bank (Afrexim Bank) led by Dr Benedict Oramah.
Bank of Eritrea has issued Legal Notice No. 129/2017 to limit the amount of Nakfa holdings for travelers exiting Eritrea.
The Legal Notice that was issued at the Gazette of Eritrean Laws on 25 October, indicated that the maximum amount, conditions and purpose for which travelers exiting Eritrea may be allowed to hold has not so far been legally fixed and that has become necessary to set the maximum amount in order to ensure the proper use of the National Currency within the country. Continue reading Bank of Eritrea Issues Legal Notice→