Home | News    Friday 18 May 2012

Sudan central bank allows Forex bureaus to determine own exchange rate

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May 17, 2012 (KHARTOUM) – Foreign exchange (Forex) bureaus in Sudan will be able to buy and sell currencies using their own exchange rate away from the official one, it was announced today.

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An official leaves after a news conference presenting Sudan’s new currency at the Central Bank of Sudan headquarters in Khartoum on 16 July 2011 (Reuters)

The privately owned Al-Shorooq TV on its website quoted the deputy Secretary General of Forex bureaus union Abdel-Moniem Nur al-Deen as saying that this decision was communicated to them during a meeting with central bank officials.

Abdel-Moniem said that Forex bureaus no longer have to abide by the official exchange rate and can now use the market rate in their daily trading operations.

The move was taken in order to curb the flourishing black market for hard currency and also to attract transfers by Sudanese expatriates abroad, he added.

Sources told Al-Shorooq TV that the central bank will soon allow commercial banks to do the same.

Since the secession of oil-rich South Sudan, Sudan has struggled to contain the deteriorating value of its own currency as the flow of hard currency was sharply curtailed.

The US dollar traded for twice the official rate of 2.7 Sudanese pounds despite multiple interventions by the central bank to inject hard currency into the market.

But because of the depleting Forex reserves, the ability of the Central Bank of Sudan to influence the exchange rate on the market has been limited.

Khartoum dispatched several delegations to friendly nations, particularly Arab Gulf states, seeking help but so far only Qatar has made a commitment of $2 billion, which will be used to buy government bonds.

Last week, officials in Sudan’s central bank announced that it has received a "large" transfer of cash from an unnamed foreign source. They projected that this would soon reflect in a 50% decrease in the exchange rate of the US dollar on the black market.

Banks and Forex bureaus are only allowed to sell a limited amount of hard currency to individuals and only if they can provide a valid justification including travel for medical treatment or studying abroad.

(ST)

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  • 18 May 2012 09:37, by man of the people

    kwani in khartuom there are no economist to assess the economic situation first b4 involving commercial whateva and to my surprise now thy rush to qatar again to take loan why do they keep following south,khartuom need to be afriend with isreal coz south sudan is afriend to isreal.absurd

    repondre message

    • 19 May 2012 07:24, by SEE ME

      The economy of South Sudan is one of the world’s weakest and most underdeveloped with South Sudan having little existing infrastructure and the highest maternal mortality and female illiteracy rates in the world as of 2011.

      repondre message

    • 19 May 2012 07:37, by SEE ME

      8 February 2012, Juba/Rome - Millions of people in South Sudan will face hunger this year if urgent action is not taken, according to a joint report issued by the Food and Agriculture Organization of the United Nations (FAO) and the World Food Programme (WFP).

      repondre message

    • 19 May 2012 07:40, by SEE ME

      The report finds that the level of food insecurity in the country has risen sharply. The number of food-insecure people has jumped from 3.3 million in 2011 to 4.7 million in 2012. Of those, about one million people are severely food insecure, compared to 900,000 in 2011.

      repondre message

  • 18 May 2012 09:46, by Akolde Nhiak Jinub

    Sudan thought it was fighting South Sudan at all fronts, n now, it is facing it despite its consilodated economy.
    Sudanese should tell Bashir to step aside for other competent party (ies) to take Sudan for better.
    If Sudanese do not realize this on time, they will be doom for more damage than this current situations. NCP Khartoum should sit down with SPLM Juba to ink a fair deal on oil, border.

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    • 18 May 2012 10:23, by weltahir

      Well no regime change will happen as long as South Sudan and SPLM/N keep threatening our land and security. South Sudan and SPLM/N have to cease their hostilities and let us alone solve our problems with the NCP government.

      repondre message

    • 19 May 2012 07:26, by SEE ME

      Finance Minister David Deng Athorbie announced the creation of the South Sudanese pound to go into effect a week after independence.

      South Sudan is one of the poorest countries in the world:

      most villages in the country have no electricity or running water, and the country’s overall infrastructure is lacking with few paved roads anywhere in the country.

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  • 18 May 2012 10:22, by Beneben Bai

    man of peopl, is it not very shameful on you now? how come you comment on others house’ dirt while your house is a "kuusha". you better think of youselves than to keep stealling and attacking South Sudan. Look now how your economy is going be a mess! and by the way where is the global wittness here? where are they to tell us of un named big cash transffered to Sudan Central Bank??? strange!

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    • 18 May 2012 12:00, by Darkangel

      Its not an unnamed source - Sudantribune said it was Libya when they reported it. But at least Sudan gets money from friends - not rejected like south sudan who have to make up lies like $8 Billion from China . loooooool China should file a law suite against South Sudan for it lies and deny them a penny !

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      • 18 May 2012 13:26, by Beneben Bai

        you fools, the business between us and China is something not for every body to know. why are you so worry about it? if we lie as you are saying, then what is your problem? if you tell me that you have eatten while not, then what will be my problem?. we R no longer one country so shut up your ...... mouth on relations with and loans from any of our freinds. No details for you. Understood?

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    • 18 May 2012 14:20, by man of the people

      Bai,
      whoeva u are try to understand my message first rather than jst jumping im a south sudanese, and iwaz telling khartuom to stop following us whneva we want to be a frnd to other countries like isreal and qatar u can khartuom is also struggling to be frnd to them too.

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      • 18 May 2012 16:06, by Beneben Bai

        Man of the people, I am sorry for offending you. I did not actually read well your message so got myself facing some one from the other side. so sorry for this mistake

        repondre message

      • 18 May 2012 23:35, by mohammed ali

        Man of the pple, let Israel give you money first then we will donate thing they will give us.Qatar has pledge to support Darfur without asking them.Again, who told you that our economy is collapsing.You misinterpreted the message of the central Bank! The message is quite clear of you understands ABC’S of economics. Foreign exchange bureus are allowed to trade freel because the central bank...con

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        • 19 May 2012 00:07, by mohammed ali

          ..is confidenant that it will meet any foreign exchange demands! They remoced all the restrictions on foreign currencies.Unfortunately, the world bank said your economy is worset than " kusha" SPLA thugs & theifs ruined any hope of ordinary sotherners in prsperity,progress & security.It is amazing that you are not realizing what tragic situation SS is facing! It is just horrible to think about it!

          repondre message

    • 19 May 2012 07:30, by SEE ME

      RSS and GOS must forget these personal acts of hatred and help the innocent peoples of SS.

      repondre message

  • 18 May 2012 10:46, by Beneben Bai

    Sudan government and Sudan Central Bank, what a mess you are in!!. It is a dilema caused by your barbaric actions

    repondre message

    • 18 May 2012 11:09, by weltahir

      criticize the government as you want but please try to make sense of what ur saying, this is a good move by central bank to stabilize the economy and to curb down the currency exchange rate.

      repondre message

      • 18 May 2012 12:20, by Beneben Bai

        weltahir, how come your government legalized two exchange rates in one country and you termed it as a procedure to stablize economy? the right thing is to stop stealing S. Sudan oil, stop attacking S. Sudan,Darfurians, Nuba and Funj peopl and accept a reasonable interational price for one barrel transit fee. by doing so, you will be having enough $$$ and your economy will be stable

        repondre message

        • 18 May 2012 13:28, by weltahir

          Quote: " how come your government legalized two exchange rates in one country and you termed it as a procedure to stablize economy?" no country in the world legalize black market!
          Quote: "stop stealing S. Sudan oil, stop attacking S. Sudan,Darfurians, Nuba and Funj peopl,,"
          Well South Sudan need to stop meddling with our affairs and stop harboring these terrorists.

          repondre message

          • 18 May 2012 13:35, by weltahir

            these terrorist are attacking innocent civilians in Darfur and South Kordoufan, killing the innocent civilians and looting their villages. South Sudan has to expel these terrorist first and after that we can have normal relations and oil of South will proceed as normal thru port Sudan.

            repondre message

        • 18 May 2012 19:15, by North Sudan

          Very strange you speak as if your economy is very strong .. our president said it loud and clear WE DO NOT WANT TO HIRE OUR PIPELINE so arent we free? it is our pipline..S.Sudan said will build its own one ..go and build it

          repondre message

    • 19 May 2012 07:57, by SEE ME

      8 February 2012 –
      Two United Nations agencies warned today that millions of people in South Sudan are facing worsening hunger and called for urgent action to improve food security through adequate food aid and projects to boost agricultural production.
      UN NEWS CENTRE

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  • 18 May 2012 14:15, by man of the people

    who is this person trying to talk bad of me is gud to understand the message first.

    repondre message

    • 18 May 2012 16:21, by Beneben Bai

      man of the people, I apologised to you my brother for offending you in the other message. I realised it was my mistake actually

      repondre message

  • 8 February 2013 20:24, by dennishobson

    You should take part in a contest for one of the best blogs on the web. I will recommend this site!
    An interesting discussion is worth comment. I think that deck de piscina deck modular you should write more on this topic, it might not be a taboo

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