Sudan Should Remove Foreign Exchange Controls, World Bank Says

Sudan should remove foreign exchange controls to unify the official and black-market rates for its currency in order to reverse the contraction of its economy, according to the World Bank.

“It is essential that Sudan undertakes a combination of institutional, macroeconomic, and sectoral reforms to reach a more stable growth path,” the Washington-based bank said in a report published Sunday.

Sudan lost 75 percent of its oil revenue when South Sudan became independent in 2011. The eastern African nation should increase agricultural productivity and improve the management of its natural resources income as part of reforms needed to diversify the economy, the World Bank said.

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