Sudan To Release New Banknotes In Mid-January
Fakhir Rizvi Published January 02, 2019 | 02:29 PM
The Central Bank of Sudan said Tuesday that new banknotes will be released this month as the country grapples with a severe economic crisis and cash shortage
KHARTOUM, (APP - UrduPoint / Pakistan Point News - 2nd Jan, 2019 ) :The Central Bank of Sudan said Tuesday that new banknotes will be released this month as the country grapples with a severe economic crisis and cash shortage.
"With an aim to resolve the banknote issue gradually, [Sudanese pound] banknotes of 100 ($2.10), 200 ($4.20) and 500 ($10.51) will be launched in mid-January," Central Bank Governor Mohamed Khair Al-Zubair told a press conference in the capital Khartoum.
He said they hoped to resolve the problem until April, noting the highest banknote on the market -- the 50 pound note -- is worth one Dollar.
Sudan has long been struggling with a serious economic crisis.
Rising demand for cash due to inflation and the central bank's policy of restricting the money supply to protect the pound have led to a sharp liquidity crunch.
The cash shortage has hit an all-time high, prompting the release of banknotes higher than 50 Pounds for the first time.
The central bank also announced Tuesday that it intends to reduce the country's inflation rate to 27.1 percent this year after it hit a record 68.93 percent in December.
Sudanese authorities say at least 19 people were killed last month in street demonstrations in several states against rising prices and shortages of basic commodities.
Opposition groups say the death toll is closer to 40.
The authorities announced a state of emergency and curfew in a number of provinces over the protests, with government officials accusing Israel of plotting with rebel groups to foment violence in the country.
A nation of 40 million, Sudan has struggled to recover from the loss of three-quarters of its oil output -- its main source of foreign Currency when South Sudan seceded in 2011.
Related Topics
Recent Stories
Nazish Jahangir denies viral screenshots, calls them fake
Govt likely to hike electricity price once again
Bismah Maroof announces immediate retirement from international cricket
Malala expresses unwavering support for Gaza people
Selection committee dissolved over Pakistan women cricket team's poor performanc ..
Punjab CM Maryam Nawaz in police uniform at Chung police center
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 25 April 2024
Today Gold Rate in Pakistan 25 April 2024
Mired in crisis, Boeing reports another loss
Session Awarding Ceremony 2024 held at Cadet College Muzaffarabad
Austrian ski great Hirscher to make comeback under Dutch flag
Pakistan, Japan agrees to convene 'Economic Policy Dialogue'
More Stories From World
-
US announces sweeping cuts to power sector carbon emissions
31 minutes ago -
US to give Micron $6.1 bn for American chip factories
32 minutes ago -
Venice launches five-euro entry fee
41 minutes ago -
New Godzilla x Kong film continues to lead Chinese box office
41 minutes ago -
2024 Zhongguancun Forum opens in Beijing to focus on cutting-edge technologies
42 minutes ago -
Philippines grapples with measles, pertussis outbreaks: UNICEF
1 hour ago
-
450,000 stimulant tablets seized in Myanmar's Yangon
1 hour ago -
Mining giant Anglo American shares jump on BHP bid
1 hour ago -
Cambodia's rubber export up 5.1 pct in Q1
1 hour ago -
Zimbabwean president reshuffles cabinet
1 hour ago -
Football: Italian Cup result
1 hour ago -
Sugar futures close lower
1 hour ago