RIYADH: Sudan’s central bank will auction $40 million in foreign currency for the first time on May 26 following a sharp devaluation of the Sudanese pound in February, SUNA reported.

The maximum value of the application allowed to be submitted by each bank as a percentage of the total auction volume is 20 percent, the bank said on Sunday. The auction is limited to banks, who’s customers can apply for a minimum of $20,000 each.

Applications are limited to commodity import operations as determined by the Central Bank of Sudan.

The central bank announced last week that it was launching a system of foreign currency auctions for importers as part of its managed floatation of the Sudanese pound.

The pound was floated in February as part of a broader plan to overhaul the economy and public finances.