Sudan has eliminated its customs exchange rate, used to calculate import duties, as the final step in a devaluation of its local currency, the finance ministry said on Tuesday.

It also represents the final major step in an accelerated IMF-monitored reform programme the country is pursuing in order to receive debt relief and attract new financing.

Earlier this month, Sudan fully removed subsidies on car petrol and diesel, and in February it devalued its currency and began a policy of a flexible managed float.

The customs exchange rate, last set at 20 Sudanese pounds per dollar, was used to value imports in order to calculate duties. On Tuesday, the official rate of the Sudanese pound was 438 pounds to the dollar, although the rate on the black market was around 465.

The reforms have been blamed for rising prices, with inflation in May rising to 379%. Prices of imported cars had increased in recent days in anticipation of the decision.

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