Home | News    Monday 21 May 2012

Central bank’s decision on currency exchange rates draws ire of Sudan’s finance minister

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May 20, 2012 (KHARTOUM) – The Central Bank of Sudan’s (CBS) decision to allow Forex bureaus in the country to use their own rates instead of the official one in currency transactions has attracted criticism from senior officials including the finance minister who predicted that the move will not succeed in stopping the depreciation of the local currency.

Sudan has been struggling to contain the deteriorating value of its own currency since the country lost its main source of hard currency revenues when South Sudan seceded in July last year taking with it nearly three quarters of the country’s oil production.

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

Last week the CBS informed head of Forex offices that as of Monday, 21 May, they will be able to buy and sell currencies using their own exchange rate away from the official one. Pro-government media reported that the decision is set to include commercial banks.

But sources speaking on the condition of anonymity revealed to Sudan Tribune on Sunday that the move had sparked disagreements within government economy circles with some officials rejecting the move and warning that it was taken without the approval of finance minister Ali Mahmoud Abdel-Rasool.

According to the sources, Ali Mahmoud reacted furiously to the CBS’s decision and predicted that it will result in total failure.

Meanwhile, rumors spread in the capital Khartoum that the CBS has reversed its decision to allow Forex offices to use their own rates.

A number of Forex bureaus officials interviewed by Sudan Tribune stated that they are yet to receive an official CBS notification of the new regulations.

The interviewees said they would continue to use the official rate until they receive a formal notification of its cancellation.

In a related development, CBS officials held a meeting on Sunday with heads of Forex bureaus and promised to inject the amounts of foreign currency needed to allow increases of exchange rates.

CBS officials also promised to raise the ceiling of foreign currency that individuals are allowed to carry abroad, stating that travelers seeking medical treatment will be allowed to carry US$3,000 with the possibility that the number could go up to US$10,000.

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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Kind regards,

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  • 21 May 2012 13:17, by Anti Dinka’s

    Going down! Down! Down!

    100 euro / 1500 Sudanese pound
    100 Dollar / 1000 Sudanese pound

    yesterday i call A friend in Bahri and ask him how things are going? he reply very very very Bad indeed we are dying

    the government is loosing control over the precise
    Hanger is looming you can see on the people facese
    something very bad is about to happen
    Iwas born here never seen anything like it

    repondre message

    • 21 May 2012 13:54, by Darkangel

      UN Fears for South Sudanese as Austerity Bites
      UBA, SOUTH SUDAN - The United Nations has voiced concern about South Sudan’s ailing economy and says its people could suffer from spiraling inflation in the coming months, while around half the population already faces food shortages.

      http://www.voanews.com/content/un_fears_south_sudanese_austrerity_bites/666556.html

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    • 21 May 2012 13:58, by Darkangel

      In South Sudan, the lack of hard currency following the oil shutdown has sparked massive inflation, and the black market rate for dollars has risen from 3.5 to 5 South Sudanese pounds since January.

      "With the depreciating currency... the price of basic food commodities is increasing — in some places we are seeing increases of as high as 300 percent," Grande added.

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    • 21 May 2012 14:02, by Darkangel

      You have a friend in bahri? Are these insects all drunk???
      ’Hanger’ hahaha - its already hitting South Sudan if its looming in Sudan. You have 5 Million out of Your 8 Million population starving. Get a life you dirty parasite and go feed you people instead of making international phone calls.

      I wonder if making up these sad stories makes you feel better. Its not going to make the hell South Sudan

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      • 21 May 2012 14:21, by Lasu lo Denis

        Shame on you dark angel, south sudan has never and will never experience the hunger you are thinking about. we have free natural rainful, more than fertile soil with potential to feed the whole world. it is only the brothers you are displacing from Abye and Panthou whom you call suffering from hunger. kiss your ass it is only those in the desert land of the north who will be victims of hunger.

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        • 21 May 2012 17:47, by Northern Sudanese

          Lasu lo Denis

          really lol? haha is the south really that rich?haha ’it is only the brothers you are displacing from Abye and Panthou whom you call suffering from hunger’ well according to the UN 4.7 milion people are starving....also annother 3.7 milion will be in poverty next year, unable to afford food so they will starve as well....feeding the world while unable to feed 80% of your people......

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      • 21 May 2012 18:20, by zulu

        BROWNANGEL,
        YOUR GOVERNMENT IS DREAMING. THERE ARE NOT MANY SUDANESE IN EXILE THAN THERE ARE IN SOUTH SUDAN. BEFORE CPA, SUDAN USED TO GET HARD CURRENCY FROM SOUTH SSUDANESE, BUT NOW, NO MORE OIL WILL EVER GO NORTH AGAIN.

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        • 21 May 2012 19:09, by Northern Sudanese

          zulu

          Did someone say we want your oil insect???? more sudanese in exile than south sudanese? WTF? there are more south sudanese in USA than Sudanese. there are more South Sudanese in Australia and Europe than Sudanese. there are more South Sudan refugees in africa than sudanese. only in Arab countries where there are more sudanese than south sudanese.

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        • 21 May 2012 19:12, by Northern Sudanese

          we have currently about 650,000 south sudanese in Our country alone..............

          HAHAHAHAHAHAH!!!!!!!!!! LMAO HAHAHAHAHHAHAA INSECT NEAR SOUTH SUDANESE OFFICIAL SPEAKING TO ALJAZEERA HAHAHAHAHAHA ON 4:57 HAHAHAHAH!!!!!!!!!! INSECT NEAR HIS BROTHER BIG INSECT HAHAHAHAHA LMAO HAHAHAHAHA!!!!!!!!
          http://www.youtube.com/watch?v=hU_cst48Q4s&feature=related

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    • 21 May 2012 14:09, by Darkangel

      SOUTH SUDAN - LAND OF THE FREE AND DYING !!!

      South Sudan: ’Even running away is not enough’
      MEDECINS SANS FRONTIERES

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      • 21 May 2012 14:15, by Darkangel

        Leprosy and Poverty, South Sudan

        It seems that little has changed for the hundreds of people in Juba who have suffered from the disease despite the huge amounts of money that have poured into the region.

        Kate Holt photojournalist

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      • 21 May 2012 14:26, by Akol Liai Mager

        Beautiful faces who are just loving their lives. They have all rights to run away simply because the Khartoum’s lives predators are just desperate to deny them their rights to live. There is no doubt that Jesus would forgive those who killed and abuse adult’s corpses. But I doubt if he can forgive those who kill children and women.

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        • 21 May 2012 14:42, by Akol Liai Mager

          We are expecting all sort of malicious acts and abuses to our people because the culture of Arabs and Muslims are based on killings and abuses. Imagine, If the so-called Libyan revolutionries killed and sexually assaulted the corpse of Mammar Gadaffi and filmed it for their amusement. They do all these evils on their own people. I know, you can do it anywhere, but you will never escape justice.

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      • 21 May 2012 23:01, by zulu

        you pasted the pictures of somalis and think the richest nation in africa is suffering? you numskull.

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  • 21 May 2012 14:46, by Loko El Pollo

    Khartoum businesses are going to close down due to lack of consumerism.The southerners they sent home were the consumers of goods and also provide cheap labor which keep the economy afloat.Khartoum will choke to death due to her pride and unrestrain hope that things will get better later on.these boys who degrade us on this site will be silence as thier fathers businesses tank due to shortage

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  • 21 May 2012 14:53, by Akol Liai Mager

    Jealousy about the South’s firming strengths will not change anything for good in the North. Denouncing greediness, crimes against humanity and a comeback to human common sense are the only solution. Because of being jealousy and desperate, the ICC’ indicted team members and their supporters are arming Ocampo with fatal information. Keep doing that.

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  • 22 May 2012 01:00, by solider

    12 to 17 billion USD been poured into s.sudan since 2005.where did all this unbelivable amount go??!!!!

    repondre message

  • 22 May 2012 05:18, by LL Reuben

    Khartoum is still talking about their rot currency what a joke. Maybe they should wait for three more months see how excited they will be to learn about their currency wellbeing.

    repondre message

  • 26 May 2013 03:51, by seth0098

    For the most furniture part, I am in agreement with bean bag chairs what you wrote. couch It’s certainly reading furniture what others have to say on the subject matter.visit their sitesofa

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