Home | News    Thursday 9 February 2012

Sudanese pound up vs. US dollar on reports of Qatar loan

separation
increase
decrease
separation
separation

February 8, 2012 (KHARTOUM) – The Sudanese pound made significant gains against the US dollar in the black market today on optimism that a loan extended by the Arab Gulf state of Qatar will ease the persistent shortage of hard currency that has plagued the economy for more than a year.

JPEG - 20.9 kb
A Sudanese man shows freshly-minted notes of the new Sudanese pound in Khartoum on July 24, 2011 (Getty)

Local media in Khartoum has reported this week that Qatar agreed to extend $2 billion in credit to the Sudanese government. The privately owned al-Sudani newspaper said that the governor of Sudan’s central bank Mohamed Khair al-Zubeir recently paid an unannounced visit to Doha to negotiate the loan.

On Monday, the Sudanese pound dropped sharply against the US dollar in the unofficial market reaching 5.2 compared to 3.3 in July. The official rate is around 3.

Today the rate dropped to 4.2 - 4.5 pounds per US dollar.

The secession of the oil-rich south last July created what some analysts described as a ‘shock’ as Khartoum lost billions of dollars in oil revenue and in the process the influx of hard currency.

Sudanese officials argue that the government can compensate for the loss with relative ease through expanding gold exploration, bolstering agricultural sector and increasing oil production.

But the Sudanese president Omer Hassan al-Bashir nonetheless admitted that 2012 will be a tough year for the economy before normalising afterwards. He said Khartoum expects aid from friendly nations in the interim.

No details have emerged on the Qatari loan and officials in Doha did not provide any official confirmation.

The Sudanese state minister of finance Magdi Hassan Yassin told Al-Sudani that it is premature to talk about the $2 billion loan until an agreement with Doha is signed.

In a related issue, the Sudanese government imposed new restrictions on those seeking to obtain hard currency to travel abroad to study or seek medical treatment.

Under the new rules, the money will be transferred to the Sudanese embassy in the country of destination which will pay fees directly to the hospital or university/school upon presentation of an invoice.

The Sudanese finance minister Ali Mahmood was quoted by the pro-government Sudanese Media Center (SMC) website as saying that this measure was imposed to prevent abuse by people trying to undeservedly get hard currency.

Banks and Forex bureaus are required to check documentation of Sudanese needing hard currency for travel abroad to prove a legitimate cause.

Yesterday, the pharmacists syndicate in Sudan warned the government that unless it provides 300 million Euros quickly, major pharmaceutical companies will stop selling medicine to pharmacies.

Sudan central bank has a long standing policy of not revealing its foreign exchange reserves but the International Monetary Fund (IMF) projected that by end of 2011 it would cover one month of imports.

(ST)

Comments on the Sudan Tribune website must abide by the following rules. Contravention of these rules will lead to the user losing their Sudan Tribune account with immediate effect.

- No inciting violence
- No inappropriate or offensive language
- No racism, tribalism or sectarianism
- No inappropriate or derogatory remarks
- No deviation from the topic of the article
- No advertising, spamming or links
- No incomprehensible comments

Due to the unprecedented amount of racist and offensive language on the site, Sudan Tribune tries to vet all comments on the site.

There is now also a limit of 400 words per comment. If you want to express yourself in more detail than this allows, please e-mail your comment as an article to comment@sudantribune.com

Kind regards,

The Sudan Tribune editorial team.
  • 9 February 2012 14:06, by N.Sudan

    jalaby
    I like your comments keep going

    repondre message

  • 10 February 2012 08:52, by Majak Mawien

    Exchange rate of Sudanese Pounds vs US Dollar is dropped from 5.2 to 4.2-4.5 when Qatar agreed and credited Khartoum with $2 billion. That is good cooperation but Khartoum will use this money for destruction of lives and national properties.

    repondre message

  • 10 May 2013 14:38, by dennishobson

    wGTvi2WeM5sDOgUZJ7ZyBfe6FkZDIrssanyong actyon madeira plastica plastic lumber This really answered my problem, thank you!

    repondre message

Comment on this article


 
 

The following ads are provided by Google. SudanTribune has no authority on it.


Sudan Tribune

Promote your Page too

Latest Comments & Analysis


Who was behind the killing of civilians in Bor? 2014-04-22 06:50:43 By Peter Gai Manyuon "A nation that continues year after year to spend more money on military defense than on programs of social uplift is approaching spiritual death", from unknown author. (...)

Embracing victimhood to celebrate victimisation 2014-04-22 06:28:12 By Juliana Bol April 21, 2014 - It was a bit disturbing to hear news of our citizens in the IDP camps (where they are seeking protection and shelter) celebrating the recapture of Bentiu -in (...)

South Sudan: Revenge Killings is not the basis for building a modern nation 2014-04-21 05:39:31 By Steve Paterno April 20, 2014 - The theme of this article develops as a result of my extensive research and writings on a culture of revenge killings among South Sudanese communities, (...)


MORE




VIDEOS



Latest Press Releases


Sudan: No justice for protest killings 2014-04-23 21:06:10 Human Rights WatchRelease Detainees and Punish Abusive Forces (Nairobi, April 21, 2014) – Sudanese authorities have failed to provide justice for scores of civilians killed in anti-government (...)

SDFG mourn the loss of a Sudanese activist 2014-04-20 09:02:39 The Sudan Democracy First Group mourns the loss of Osman Hummaida, a towering figure of the human rights movement in Sudan, and a tireless campaigner for democracy and peace in the country. Osman (...)

UNICEF supports emergency response for children in Sudan with 89 tons of life-saving supplies 2014-04-19 09:47:06 Khartoum, 18 April 2014 --- Today in Khartoum airport, UNICEF received 89 tons of life-saving supplies to support the humanitarian response to children affected by emergencies in various hot (...)


MORE

Copyright © 2003-2014 SudanTribune - All rights reserved.