Sudan announces managed currency float to revive economy

CAIRO (AP) — Sudan has announced a managed floating exchange rate system and sharply devalued its currency. The measure, which took place Sunday, was a major demand by international financial institutions to help transitional authorities overhaul the battered economy of the African nation. It is the boldest economic measure taken by the transitional government that has ruled Sudan following a popular uprising led to the military’s overthrow of autocrat Omar al-Bashir in April 2019. Sudan has for years struggled with an array of economic woes, including a huge budget deficit and widespread shortages of essential goods. The country is $70 billion in debt and its annual inflation soared past 300% last month.