October 9, 2018 / 3:12 PM / in 8 days

Sudanese pound slips on black market after devaluation

KHARTOUM, Oct 9 (Reuters) - Sudan’s pound weakened on the black market on Tuesday, widening the gap with the official rate two days after the country sharply devalued its currency.

Black market dealers quoted the pound at 50 to the dollar compared to an official rate of 47.50 announced on Sunday.

Under a new system announced last week, a team of bankers and money changers have begun setting the exchange rate daily.

On Sunday, its first day, the team weakened the pound to 47.5 to the dollar from 29 pounds. It has subsequently left the rate unchanged.

Sudan’s economy has been struggling since the south of the country seceded in 2011, taking three-quarters of its oil output with it.

The lifting of 20-year-old U.S. sanctions has so far failed to produce a hoped-for boost in foreign investment. (Reporting by Khalid Abdelaziz Writing by Patrick Werr Editing by Gareth Jones)

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