Sudan’s inflation rate reached 1666.83% in August, according to the CBS. The country’s inflation rate passed the 100% mark in May, then surged to 143.78% in July and then to 166.83% last month.
Sudan declared an economics state of emergency on the 1oth of September triggered by what it termed a “systemic vandalism” of its currency.
10, 50, 100 & 200
The Ethiopian government unveiled a new set of Birr notes as a part of its efforts to curtail cash hoarding, tackle illegal activities, lower corruption and boost its ailing economy. The demonetization strategy will cost over $97 million.
Ethiopians have three months to replace their old notes with the new ones.
The South African Central Bank forecasts the economy to shrink by 8.2% in 2020. This is a revised figure from the 7.3% which was predicted in July. Meanwhile, some forecasts predict a double-digit contraction.
This is South Africa’s worst economic contraction since the Great Depression of the 1930s.
The US International Development Finance Corporation (DFC), has approved transactions worth $1.7 billion to Mozambique to fund natural gas projects in the Southern African country.
Over the third quarter of 2020, the DFC has authorised investments totalling more than $3.6bn worldwide, with nearly half of this amount allocated to Mozambique.
The International Monetary Fund has authorised an immediate $1 billion disbursement to Angola as its economy struggles with the attendant effect of the pandemic and global drop in oil prices.
The IMF also added $765 million to a three-year aid program for the Southern African nation to help it deal with the pandemic’s impact on the economy.
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