Sudan floated its embattled currency on Sunday, devaluing the pound by about 85 per cent to attract more foreign currency through official channels. The move aimed to close the gap between official and parallel market rates.
The Central Bank of Sudan said the dollar will be officially traded at 375 pounds per US dollar under a policy designed to “unify” the exchange rates.
It described the new rate as “indicative,” instructing commercial banks and exchange bureaus to sell and buy dollars within 5 per cent of the new rate, which will be set daily. The profit margin for trading dollars was set at 0.5 per cent, it said.
The official exchange rate on the eve of the valuation on Sunday stood at 55 Sudanese pounds per US dollar, but the currency had been unofficially trading at about 375 to 400 to the dollar. The situation means that dollars needed to import basic consumer items remain outside the formal banking system.
The move is part of reforms undertaken by the transitional government of Prime Minister Abdalla Hamdok to overhaul the country’s battered economy after decades of neglect.
The government has already lifted state subsidies on fuel and signed a peace deal with some rebel groups last October, in the hope of reducing defence spending.
But Sudanese analysts said the flotation was unlikely to bring the government the results it is looking for, warning that instead, it could send inflation to new highs.
Annual inflation was already running to more than 300 per cent in January, compounding the country’s economic woe.
“The state of the economy is very fragile and the flotation is fraught with risks,” said one analyst, Abdul Qassim Ibrahim.
He said Sudan had few resources at hand to defend the pound against the dollar, and low productivity in almost all sectors.
“The flotation of the pound, while allowing commercial banks to trade in the dollar, will cause a surge in demand for foreign currencies that the government cannot satisfy,” he said.
Another analyst, Hamza Awadallah, echoed the sentiment.
“Where will the government find foreign currency in amounts sufficient to meet demand defend the pound?” he said. “It has two options, both of which are inadequate: exports and foreign loans.”
Sudan was removed from the US list of state sponsors of terrorism in December.
The move paves the way for the country to engage with the International Monetary Fund and other agencies to provide much-needed access to external funding. But tangible results have yet to appear and Khartoum has been hit in recent weeks by demonstrations against severe bread and fuel shortages. Annual inflation soared to 304 per cent earlier this month, among the highest in the world.
Sudan’s economy had been shrinking for the two years before the start of the Covid-19 pandemic.
The IMF estimated gross domestic product last year would contract by 8.4 per cent. It is the biggest annual contraction since 2011, when the secession of South Sudan took away most of the country’s oil revenue.
The fund forecasts a gradual recovery, with growth of 0.8 per cent this year and 1.4 per cent in 2022.
Sudan is at a delicate transitional phase since the removal of long-time dictator Omar Al Bashir in April 2019. The current administration brings together military and pro-democracy groups behind the uprising against the former leader’s 29-year rule.
Two weeks ago, the prime minister reshuffled his Cabinet to include representatives of rebel groups with whom the government signed a peace deal in October.
A prominent rebel leader from the Darfur region, Jibril Ibrahim, was named as the country’s new finance minister.
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
RESULTS
Bantamweight: Victor Nunes (BRA) beat Azizbek Satibaldiev (KYG). Round 1 KO
Featherweight: Izzeddin Farhan (JOR) beat Ozodbek Azimov (UZB). Round 1 rear naked choke
Middleweight: Zaakir Badat (RSA) beat Ercin Sirin (TUR). Round 1 triangle choke
Featherweight: Ali Alqaisi (JOR) beat Furkatbek Yokubov (UZB). Round 1 TKO
Featherweight: Abu Muslim Alikhanov (RUS) beat Atabek Abdimitalipov (KYG). Unanimous decision
Catchweight 74kg: Mirafzal Akhtamov (UZB) beat Marcos Costa (BRA). Split decision
Welterweight: Andre Fialho (POR) beat Sang Hoon-yu (KOR). Round 1 TKO
Lightweight: John Mitchell (IRE) beat Arbi Emiev (RUS). Round 2 RSC (deep cuts)
Middleweight: Gianni Melillo (ITA) beat Mohammed Karaki (LEB)
Welterweight: Handesson Ferreira (BRA) beat Amiran Gogoladze (GEO). Unanimous decision
Flyweight (Female): Carolina Jimenez (VEN) beat Lucrezia Ria (ITA), Round 1 rear naked choke
Welterweight: Daniel Skibinski (POL) beat Acoidan Duque (ESP). Round 3 TKO
Lightweight: Martun Mezhlumyan (ARM) beat Attila Korkmaz (TUR). Unanimous decision
Bantamweight: Ray Borg (USA) beat Jesse Arnett (CAN). Unanimous decision
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
MATCH DETAILS
Barcelona 0
Slavia Prague 0
UAE currency: the story behind the money in your pockets
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
UAE players with central contracts
Rohan Mustafa, Ashfaq Ahmed, Chirag Suri, Rameez Shahzad, Shaiman Anwar, Adnan Mufti, Mohammed Usman, Ghulam Shabbir, Ahmed Raza, Qadeer Ahmed, Amir Hayat, Mohammed Naveed and Imran Haider.
Disability on screen
Empire — neuromuscular disease myasthenia gravis; bipolar disorder; post-traumatic stress disorder (PTSD)
Rosewood and Transparent — heart issues
24: Legacy — PTSD;
Superstore and NCIS: New Orleans — wheelchair-bound
Taken and This Is Us — cancer
Trial & Error — cognitive disorder prosopagnosia (facial blindness and dyslexia)
Grey’s Anatomy — prosthetic leg
Scorpion — obsessive compulsive disorder and anxiety
Switched at Birth — deafness
One Mississippi, Wentworth and Transparent — double mastectomy
Dragons — double amputee
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
MEDIEVIL%20(1998)
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The Dark Blue Winter Overcoat & Other Stories From the North
Edited and Introduced by Sjón and Ted Hodgkinson
Pushkin Press
Tightening the screw on rogue recruiters
The UAE overhauled the procedure to recruit housemaids and domestic workers with a law in 2017 to protect low-income labour from being exploited.
Only recruitment companies authorised by the government are permitted as part of Tadbeer, a network of labour ministry-regulated centres.
A contract must be drawn up for domestic workers, the wages and job offer clearly stating the nature of work.
The contract stating the wages, work entailed and accommodation must be sent to the employee in their home country before they depart for the UAE.
The contract will be signed by the employer and employee when the domestic worker arrives in the UAE.
Only recruitment agencies registered with the ministry can undertake recruitment and employment applications for domestic workers.
Penalties for illegal recruitment in the UAE include fines of up to Dh100,000 and imprisonment
But agents not authorised by the government sidestep the law by illegally getting women into the country on visit visas.
Asia Cup 2018 final
Who: India v Bangladesh
When: Friday, 3.30pm, Dubai International Stadium
Watch: Live on OSN Cricket HD
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5