Friday 18 December 2015
Thursday 17 December 2015
South Sudan devalues to parallel market rate of 18.5 to the USD
The central bank adopted the parallel market rate of 18.5 per dollar from a previous fixed rate of 2.96, Governor Kornelio Koriom Mayik told reporters in Juba, the capital.
South Sudan devalues currency by 84%, abandoning dollar peg https://t.co/c2L25Zhbbp pic.twitter.com/aydYTkWv70
— Bloomberg Business (@business) December 15, 2015
Wednesday 16 December 2015
Debt relief for Sudan?
My crazy life. Required reading. https://t.co/NsOi29lALR
— Audit opinion (@KhartoumFCA) December 16, 2015
Thursday 10 December 2015
Concrete Action on Climate Change - Sudan shows the way
عمل ملموس بشأن تغير المناخ - معارض السودان الطريق
بطريقة كلمة البلدان النامية هي تسمية خاطئة. تلك البلدان التي يشار إليها كما وضعت والتي هي في واقع البلدان النامية. هم في حالة مستمرة من التنمية، وأدى هذا التطور من خلال سياسة الحكومة والقطاع الخاص في شراكة خلاقة-
يمكن للحكومات وينبغي أن تيسر العام مبادرات القطاع الخاص بطريقتين - عن طريق القيام الأشياء التي يمكن للحكومات القيام به، و- العمل من خلال الناس وخاصة الشباب. عن طريق القيام الأشياء التي يمكن للحكومات القيام به على الصعيد المالي - من خلال إعفاء واردات الألواح الشمسية وتوربينات الرياح من الرسوم أو تشجيع مصانع الألواح الشمسية على نطاق وكبيرة بما فيه الكفاية لتكون قادرة على المنافسة دوليا-
على الصعيد العالمي عن طريق الاتفاق على الحد المطلق للانبعاثات من الوقود الأحفوري ذلك أنواع الطاقة المتجددة، لاستخدامها لسد الفجوة حتى خلق الطلب وهكذا خلق وفورات الحجم لجعل العرض الاقتصادي من مصادر الطاقة المتجددة-
على الصعيد المحلي عن طريق اشتراط تركيب الألواح الشمسية إلى ديارهم في الواقع تشجيع كل مفهوم ما هو "سقف" ل الصناعية والخصائص المحلية للانتقال إلى أحد دمج الألواح الشمسية أو مستقبل جديد technolgies.Spatially الذكية - بجعل الأراضي المتاحة للإيجار على التي لموقع حدائق الشمسية يمكن اختيار مواقعها
ماليا من خلال ضمان التمويل GAP الدولي متاح لتغطية الفرق بين $ 6 سنتات للتكلفة كيلو وات ساعة من الوقود الأحفوري وسعر السوق من تكاليف الطاقة الشمسية لمشاريع واسعة النطاق مع تأثير كبير الكربون.
العمل من خلال الناس
من خلال اتخاذ نهج السوق فهم أن رأس مال القطاع الخاص هناك للمشاريع التي تعود أن رأس المال مع عائد معقول
.ومن خلال توجيه بنشاط المال العام الدولي حاليا بتعبئة بكميات كبيرة للمشاريع من خلال تمويل دراسات الجدوى ورأس المال المبدئي
خلال تشجيع مجتمع مدني من تجمعات الصناعة الذين يمكن الجمع بين لتقديم الجمهور - مبادرات خاصة
THINK BIG عن طريق تحديد استباقي تلك الصناعات مع الأكثر استفادة والأكثر أن تعطي. على سبيل المثال، شركات الأسمنت عرضة لانقطاع التيار الكهربائي ولكن لديها البنية التحتية الشبكة في مكان والقوى العاملة الذين يمكن نشر وصيانة الحدائق الشمسية على نطاق وفائدة-
من خلال اتخاذ المخاطر على الناس عنصرا أساسيا للنجاح في الجمهور الفردية - الشراكات الخاصة هو واحد competant المؤهلين فرد المتحمسين الذين يمكن أن تنسيق وبناء الثقة بين مختلف الأطراف المعنية لتحقيق مشاريع معينة لتؤتي ثمارها. ويمكن للحكومة تكريم ومكافأة عمل هؤلاء الأفراد لتشجيع الآخرين على المضي قدما في الأدوار القيادية. ويمكن للحكومة أن توضح أن هناك NO مشاكل بلا حلول. أن الحكومات من خلال جهد متعدد الأطراف وسوف يمكن تعبئة لحل هذه المشكلة. وبهذه الطريقة سوف الشباب لم تصبح بخيبة أمل وتقع لمواعظ أولئك الذين يقولون ان المستقبل هو في أي حال واحد apocalytic أو ميؤوس منها. يقول المتشائمون لا يمكن فعل شيء بشأن تغير المناخ وحتى ينكر دليل على بأعينهم من وجودها وصلة لظاهرة الاحتباس الحراري. من خلال هذا الجمهور - جعل العمل الخاص بفضل تكلفة يتقدم بسرعة وتكنولوجيا الطاقة المتجددة التي سيتم مخطئا.
Concrete Action on Climate Change
Honoured to be featured as an entry on the Masdar 2016 blogging entry contest - join the fun make a difference here https://t.co/jGTwJxAzj3
— Audit opinion (@KhartoumFCA) December 10, 2015Tuesday 8 December 2015
Clinton Foundation in Africa
https://www.clintonfoundation.org/blog/2015/05/08/looking-how-africas-progress
IFRS What's New in 2015?
The following requirements made since 1 July 2014:
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IAS29 Sudan remains within the scope of IAS29. South Sudan is scoped into IAS29
IAS 29 Financial Reporting in Hyperinflationary Economies applies where an entity's functional currency is that of a hyperinflationary economy. The standard does not prescribe when hyperinflation arises but requires the financial statements (and corresponding figures for previous periods) of an entity with a functional currency that is hyperinflationary to be restated for the changes in the general pricing power of the functional currency.
IAS 29 was issued in July 1989 and is operative for periods beginning on or after 1 January 1990.
Sunday 29 November 2015
As accounting standards converge what are the changes?
Impact of change
in accounting standards to FRS 102
During the course of 2015 and 2016 a major change is
taking place concerning the accounting standards that govern the way a set of
accounts is put together. This could change both the figures and the
explanations in your accounts, including making retrospective changes to the
prior year figures that are shown. There can also be taxation impacts in some
situations.
The purpose of this letter is to set out a brief overview
of the possible areas of change. It is written on the basis that you are
currently using Financial Reporting Standards (FRS) and Statements of Standard
Accounting Practice (SSAPs) or the Financial Reporting Standard for Smaller
Entities (FRSSE) issued by the old Accounting Standards Board and you will be
moving to FRS 102. Small companies are generally affected in the same way as
larger companies, although there are a few differences which are highlighted
below.
Without a full analysis of your accounts and a discussion
with you regarding your choices of accounting policies and what are termed
transitional exemptions, it is not possible (at this stage) to identify the
precise areas of change. We would be happy however, to discuss completing this
exercise with you and to carry out additional work that you may require with
regard to accounting or tax as a result of these changes.
Summary of key changes
Financial statements
These might look a little different to your current
accounts. There are some new choices for terminology, moving to more
internationally used phrases such as property, plant and equipment instead of
tangible fixed assets and inventories instead of stock. The primary statements
required are now:
·
Statement of Financial Position (previously the Balance
Sheet);
·
Statement of Comprehensive Income; or
o Income
statement (previously the Profit and Loss) and a separate
o Statement
of Comprehensive Income (previously the Statement of Total Recognised Gains and
Losses)
·
A Statement of Changes in Equity (not required
for a small entity)
·
A Statement of Cash Flows (not required for a
small entity)
·
Notes
Cash flow statement
Small companies are not
required to have a cash flow statement, but for others, the format of this has
changed quite significantly. There are now just three main headings, operating,
financing and investing activities.
For subsidiaries there is
no automatic cash flow exemption, but there is a reduced disclosure regime
which would permit the Statement of Cash Flows, together with other
disclosures, to be omitted if certain conditions are met.
Financial instruments
These include a wide range of assets and liabilities
which are financial, rather than tangible or intangible in nature. For example,
cash, debtors and creditors are all financial instruments. The main changes in
respect of these items are that:
·
Investments in shares that are not group
companies must be measured at fair value if possible, with any unrealised or
realised gains or losses reflected in the profit or loss.
·
Derivatives, which includes items such as a
forward currency contract, an interest rate swap, futures or options all need
to be recognised in the balance sheet at their fair value with gains or losses
in the profit or loss. In the past these were ignored until the contract was
completed. The new treatment means that you will need to check if you have any
such contracts and obtain a valuation for them, together with the valuation
method used.
·
Loans that are not at a market rate need to be
put into the accounts as if they are at market rate. This requires the
calculation of notional interest at a market rate. (Public benefit entities,
such as charities, do not need to do this though).
Foreign currency translation
The rules have changed so that where you have foreign
currency transactions you will always need to translate the amounts at the rate
ruling on the date of the transaction (the spot rate). In the past, you were
able to use the rate of any related forward contract, or a contracted rate if
one was agreed.
There is a requirement in FRS 102 to establish the
functional currency of the entity. Normally this will be pounds sterling for a
UK company, but if most of its cash flows are in another currency, or impacted
by another currency then this may not be the case. We can discuss the impact of
this if you think it might apply.
Hedge accounting
Because the impact of the changes described for foreign
currency and financial instruments can be to increase the volatility in the
profit and loss and not to match related transactions, there is the ability to
use hedge accounting. This is a complex process but ensures close matching of
related contracts, such as a foreign currency purchase and forward foreign
exchange contract. If you think you may wish to use hedge accounting please
discuss this with us.
Business combinations, associates and joint ventures
Acquisitions, or so called business combinations, are
usually dealt with in the consolidated accounts if these are required (small
groups are not required to prepare consolidated accounts). Under the new rules
you are more likely to have to recognise intangible assets, such as customer
lists, that you have purchased as part of the acquisition. Previously, these
would often have just been part of the goodwill figure.
There are also some minor changes regarding associates,
joint ventures and the accounting treatment of acquisitions or disposals
achieved in stages.
Related party transactions
There have been some changes to the definitions and to
the disclosure requirements, although these are fairly minor, unless you are a
small company. Small companies will only need to disclose limited related party
transactions and in particular only those which are not at a market rate.
Goodwill
If you cannot reliably estimate the life of goodwill,
there are new rules that require the maximum life to be 10 years (or in some
cases in 2015 only, 5 years). This may mean that some adjustments are needed to
the amortisation period and/or value of goodwill in your accounts.
Investment property
If you hold investment property you will have to show it
at fair value in the balance sheet, as now, but changes in value will go
through the profit and loss for the year.
Property, plant and equipment
There are only minor changes to the rules here, although
a transitional option exists which allows you to use a valuation of an asset as
its deemed cost. This means you could, for example, value a property just once
and then treat that value as if it were cost. This avoids having to continue
valuing on a regular basis, which is required if you want to adopt the revaluation
model. Instead, this transitional option allows a one-off uplift of the value
of an asset.
Lease incentives
If you are a lessee or lessor of an asset under an
operating lease then any lease incentives, such as rent free periods, will now need
to be spread over the whole lease term. Currently they are just spread over the
period to the first rent review. The lease term is now defined as the period over
which there is reasonable certainty that the lease will continue, even if there
is a break clause before that. This can have taxation implications, so you may
wish to discuss this with us, as there are various options on transition.
Deferred tax
The rules for this have now been tightened up, meaning
that deferred tax is required on some items that were previously exempt. This
means that deferred tax will need to be recognised on all revaluations and also
sometimes on unremitted earnings from a subsidiary. This will generally mean
that your deferred tax figure will be higher than before.
Employee benefits
The new rules mean that it will be necessary to consider
whether you need an accrual for holiday pay, where holiday is due at the
year-end but has not been taken. If this amount is material it will need to be
calculated each year and put into your accounts. It is usually only material if
the holiday year and the accounting year are different, or if you allow staff
to carry over significant amounts of holiday into the next year.
There have been some changes to the accounting for
defined benefit pension schemes, but as these are rare please ask for further
information if this affects you.
Share-based payments (FRSSE companies)
FRSSE companies have been exempt from the requirement to
account for equity settled share-based payments. However, under FRS 102 they
will now need to be accounted for. For other companies, the requirements for
these are essentially the same as under the
current rules.
Transitional changes
The general rule when dealing with the move to FRS 102 is
that all the changes are applied retrospectively, through the calculation of
what is termed a prior year adjustment. However, as this would sometimes be
very onerous there are a number of transitional exemptions, enabling the new
rules to be applied only in the future. These do not cover all the changes
though, so in the first year there will probably be adjustments made to
reserves and disclosures will be needed to explain the impact on the balance
sheet and profit and loss. (Small companies are not required to give these
disclosures although they are likely to be helpful to anyone using the
accounts).
Practical impacts of the changes
There are some areas of
your business that could be impacted adversely by the changes in the accounting
rules if you do not consider the issues. Broadly speaking they include any
contract, covenant or other agreement which is based on or refers to your
accounts or specific figures in them. In particular, because the profit can be
more volatile and include items such as gains on investment properties that are
not yet realised, you should consider the following:
·
Is there likely
to be an impact in meeting any bank covenant requirements?
·
Do I need to
change any bonus or profit related pay agreements to exclude gains on items not
yet realised?
·
Are there any
earn-out agreements, on for example a business acquisition, which are based on
profit in the accounts, but have not taken account of the changes due to FRS
102?
·
Do I need to
make any tax elections in connection with financial instruments, so that tax is
only charged when the final transaction takes place?
·
Do I need to
consider the impact of tax on my tax flow forecasts?
We appreciate that these
changes are wide-ranging and complex and we will, of course, be happy to advise
and provide additional services to ensure that the transition to FRS 102 is
dealt with as smoothly as possible. Please do call if you wish to discuss these
matters further or to arrange for a quote to be provided for any additional
services that you might require in connection with the transition to FRS 102.
Yours sincerely
Saturday 14 November 2015
Sudan - Economic snapshot
Sudan at one time reliant on 800,000 tonnes of grain supplied by the World Food Program now has private sector grain imports of 2.4m tonnes of wheat and 0.8m tonnes of sugar.
The conurbation which has grown up around Khartoum and Omdurman (“the conurbation”) is home to some 10 million people who live somewhat different urbanised lives to the other 30 million some 20 million of whom pursue subsistence agriculture. In the west some 1250 homes can be served by 3.4MW of electricity. If a household of 8 is assumed that is 1.25m households with a potential energy demand of 3.4GW for the conurbation alone. The Meroe Dam finished in 2008-10 has a capacity of 1.25GW and there exists another 1.25GW of capacity. It can be seen domestic and industrial demands are in daily competition for the available energy.
The economic tone is generally positive with GDP growth.
Inflation after an episode of hyperinflation triggered by the adjustment to secession of South Sudan is reverting to single figures largely as a result of oil prices falling below $50 per barrel.
US sanctions continue to throw up challenges but more to US trading partners than to Sudan. Sudans status as a food producer and exporter insulates it from the worst excesses of the US Sanctions Regime and provides goods for countertrade in particular with China in return for construction, manufactured goods and services like technology.
1. IMF 2014 Sudan Country Report
2. Foreign Trade Report Bank of Sudan
3. Selected exports, Selected imports
4. Official and Parallel exchange market
5. Comparison of CPI to CPI in 2008
Friday 13 November 2015
Sudan and the IMF
http://www.imf.org/external/country/SDN/index.htm
Press release 30 12 2014
Country Report and previous country reports
As the report slightly testily records an attempt by the US Sanctions Regime to collapse the Sudan banking system in 2014 meant even the IMF had to wait for payment.
Summary: KEY ISSUES Context: Sudan’s economy has yet to recover from the shock of South Sudan’s secession three years ago, which took away three-quarters of oil production, half of its fiscal revenues, and two-thirds of its international payments capacity. Despite progress in implementing policies to address the resulting imbalances, inflation remains high and growth sluggish. Macroeconomic adjustment has been complicated by structural weaknesses, a heavy debt burden, U.S. sanctions, and volatile domestic and regional political factors. The authorities embarked earlier this year on a stabilization program supported by a Staff-Monitored Program (SMP). The program runs through end-2014, and the authorities have not yet decided if they want a new SMP; the mission for the third SMP review in December will discuss the matter with them. Developments, outlook, and risks. Economic performance this year has been mixed as growth has remained subdued and inflation still high at about 40 percent. Growth is expected to rebound in 2015, but the outlook remains uncertain. The risks are largely tilted to the downside, although prospects of a successful national dialogue could lead to resolution of domestic conflicts and improved international relations. Article IV. Discussions focused on policies to secure macroeconomic stability, strengthen social safety nets, and a move to sustainable and inclusive growth. Fiscal consolidation (through revenue mobilization and expenditure rationalization, including a gradual phase-out of fuel subsidies) should continue, accompanied by increased public investment and social spending. Tight monetary policy and lower central bank financing of the government should help lower inflation. There is also a need for steps to lower the large premium in the foreign exchange market. Stronger supervision is needed to improve banks’ resilience. More should be done to improve the business climate to boost growth. Program performance: The program remains on track. The authorities continue to minimize non-concessional borrowing and maintain satisfactory track record of payments to the Fund. They recently devalued the official exchange rate by 3 percent to help address external imbalances, which together with a large appreciation of the parallel market rate, has helped lower the premium. Going forward, priority should be given to further reducing inflation by continuing fiscal consolidation, tightening monetary policy, and gradually closing the gap between the official and parallel exchange rates. Debt relief. Relief requires reaching out to creditors, normalizing relations with international financial institutions, and continuing to establish a track record of cooperation with the IMF on policies and payments. The authorities’ agreement with South Sudan to extend the “zero option” by two years is a positive step.
Press release 30 12 2014
Country Report and previous country reports
As the report slightly testily records an attempt by the US Sanctions Regime to collapse the Sudan banking system in 2014 meant even the IMF had to wait for payment.
Summary: KEY ISSUES Context: Sudan’s economy has yet to recover from the shock of South Sudan’s secession three years ago, which took away three-quarters of oil production, half of its fiscal revenues, and two-thirds of its international payments capacity. Despite progress in implementing policies to address the resulting imbalances, inflation remains high and growth sluggish. Macroeconomic adjustment has been complicated by structural weaknesses, a heavy debt burden, U.S. sanctions, and volatile domestic and regional political factors. The authorities embarked earlier this year on a stabilization program supported by a Staff-Monitored Program (SMP). The program runs through end-2014, and the authorities have not yet decided if they want a new SMP; the mission for the third SMP review in December will discuss the matter with them. Developments, outlook, and risks. Economic performance this year has been mixed as growth has remained subdued and inflation still high at about 40 percent. Growth is expected to rebound in 2015, but the outlook remains uncertain. The risks are largely tilted to the downside, although prospects of a successful national dialogue could lead to resolution of domestic conflicts and improved international relations. Article IV. Discussions focused on policies to secure macroeconomic stability, strengthen social safety nets, and a move to sustainable and inclusive growth. Fiscal consolidation (through revenue mobilization and expenditure rationalization, including a gradual phase-out of fuel subsidies) should continue, accompanied by increased public investment and social spending. Tight monetary policy and lower central bank financing of the government should help lower inflation. There is also a need for steps to lower the large premium in the foreign exchange market. Stronger supervision is needed to improve banks’ resilience. More should be done to improve the business climate to boost growth. Program performance: The program remains on track. The authorities continue to minimize non-concessional borrowing and maintain satisfactory track record of payments to the Fund. They recently devalued the official exchange rate by 3 percent to help address external imbalances, which together with a large appreciation of the parallel market rate, has helped lower the premium. Going forward, priority should be given to further reducing inflation by continuing fiscal consolidation, tightening monetary policy, and gradually closing the gap between the official and parallel exchange rates. Debt relief. Relief requires reaching out to creditors, normalizing relations with international financial institutions, and continuing to establish a track record of cooperation with the IMF on policies and payments. The authorities’ agreement with South Sudan to extend the “zero option” by two years is a positive step.
Sudan - Trade in Goods from trade surplus to persistent trade imbalance
Sudan Exports. Gold and Oil may get the headlines but Sudan supplies the arab world with food sheep and camels. pic.twitter.com/XpmmdVcDQJ
— Audit opinion (@KhartoumFCA) November 13, 2015
Sudan Trade Statistics September 2015
Services account for a large proportion of international trade. For many years the traded goods imbalance has been covered by remittances from Sudanese working abroad.
Goods exported
Goods imported
By way of comparison here are the statistics for the UK trade in Goods and services
Sunday 8 November 2015
Sudan inflation rate continues its fall
source: tradingeconomics.com
Inflation in Sudan has fallen into a range of 10-15% following a fall in crude oil prices below $50 a barrel. Recent forecasts are for inflation in the range of 5-10% for the 2016-2020 period.
The Peace Road
Making Tourism in Africa work requires a joined up approach
http://www.worldbank.org/content/dam/Worldbank/document/Africa/Report/africa-tourism-report-2013-overview.pdf
http://www.worldbank.org/content/dam/Worldbank/document/Africa/Report/africa-tourism-report-2013-overview.pdf
Whats in a flag?
Red for independence, white for peace, light and optimism black represents Sudan, green for Islam, agriculture pic.twitter.com/ZitsBlT06a
— Audit opinion (@KhartoumFCA) November 8, 2015Saturday 31 October 2015
Latest Sudan inflation forecast SDG currency inflation news 2015
Latest SDG currency news
http://www.tradingeconomics.com/sudan/currency
http://www.cbos.gov.sd/en/currency/category/16
http://af.reuters.com/article/investingNews/idAFKCN0SX0N220151108
http://www.tradingeconomics.com/sudan/consumer-price-index-cpi
http://www.tradingeconomics.com/sudan/consumer-price-index-cpi/forecast
http://www.xe.com/currencycharts/?from=USD&to=SDG&view=10Y
http://www.usinflationcalculator.com/inflation/consumer-price-index-and-annual-percent-changes-from-1913-to-2008/
http://www.tradingeconomics.com/sudan/currency
http://www.cbos.gov.sd/en/currency/category/16
http://af.reuters.com/article/investingNews/idAFKCN0SX0N220151108
http://www.tradingeconomics.com/sudan/consumer-price-index-cpi
http://www.tradingeconomics.com/sudan/consumer-price-index-cpi/forecast
http://www.xe.com/currencycharts/?from=USD&to=SDG&view=10Y
http://www.usinflationcalculator.com/inflation/consumer-price-index-and-annual-percent-changes-from-1913-to-2008/
Thursday 25 June 2015
Saturday 9 May 2015
Economic and financial indicators
Our economic and financial indicators: updated twice a day, every working day http://t.co/ftEUnK3RT6 pic.twitter.com/YODvUudtaD
— The Economist (@TheEconomist) May 9, 2015Monday 4 May 2015
Wednesday 8 April 2015
Thursday 2 April 2015
Sunday 29 March 2015
US eases hardware and software sanctions on Sudan
Watch: Sudan moving forward in buying American products http://t.co/gDnEl7kUsS
— Al Jazeera America (@ajam) March 27, 2015Sunday 15 March 2015
Sudan Professional Accountancy Bodies
Sudan Professional Accountancy http://t.co/MJvbIV06lg SACA SAAPOC regional PAFA http://t.co/zsb8NyV2Uq and AAOIFI http://t.co/JeXoTItU3N
— peter i brealey (@KhartoumFCA) March 15, 2015Saturday 14 March 2015
Thursday 5 March 2015
AEB Correspondents
AEB act as correspondents on audit tax and advisory for all the big 4 but are particularly close to KPMG since 1955 pic.twitter.com/TkrCwCi6RE
— peter i brealey (@KhartoumFCA) March 5, 2015
The functional specialities of the firm Audit, Tax, Advisory are retained by clients across all sectors. The firm audits leading commercial banks, techs and commerce in Sudan. The firm is noted for its training department and links to academic institutions. AEB Alumni are to be found across the gulf countries highly regarded for their ethics and ability.More
2014 Mesa Tax Conference
Thursday 19 February 2015
A new dawn for Sudan as US sanctions ease?
Friends of the US and Sudan were celebrating last night a thaw in relations which have been in deep freeze since 1993
Sudan - Continuing progress on US sanctions talks http://t.co/3BHxgBP4bk the UN take on US sanctions on Sudan http://t.co/ZUgCzKHDTi
— peter i brealey (@KhartoumFCA) February 24, 2015Tuesday 27 January 2015
Thursday 22 January 2015
World pays tribute to Saudi King Abdullah's memory
Saw the sad news of King Abdullah bin Abdulaziz's passing this morning. Our condolences to the Saudi royal family & the people of KSA.
— peter i brealey (@KhartoumFCA) January 23, 2015
World pays tribute to late Saudi King Abdullah http://t.co/WsMM1wJ770 via @AlArabiya_Eng
— peter i brealey (@KhartoumFCA) January 23, 2015
King Salman, 79, had recently taken on the monarch's responsibilities.
The late king's half brother Muqrin, who is in his late 60s, has been named the new crown prince, the official statement said.
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