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January 11, 2012 (KHARTOUM) – The union of foreign exchange bureaus issued a decision further limiting the amount of hard currency Sudanese travelers can carry with them to Ethiopia, Egypt and Eritrea.
The pro-government al-Rayaam newspaper said that effective immediately the amount travelers to these countries can purchase is now down to $500 from $1,000.
This decision was attributed to the practices of some brokers who regularly send off travelers to these countries to make use of the difference between the official exchange rate and black market one.
Since South Sudan formally became an independent state last July, Sudan has lost its main foreign currency source causing a sharp drop in the exchange rate of the pound against the major currencies and particularly the U.S. dollar.
As a result, the black market has flourished greatly despite government threats of severe penalties for those trading in hard currency outside the official channels.
Many people complain that on top of the many restrictions imposed on buying hard currency, it is very common for forex bureaus and banks to say that they do not have enough foreign currency in supply to sell.
The central bank pledged last month to bridge the gap between the official exchange rate and the one on the black market to ensure stability. Many analysts say that they expect the government to devalue the pound.
Sudan is hoping that agricultural, livestock and gold exports will become a new source of revenue and hard currency.
(ST)
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