Home | News    Friday 17 August 2012

Sudan devalues currency as black market rates go up

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August 16, 2012 (KHARTOUM) – The price of the US dollar in Sudan’s black market for hard currency jumped on Thursday to SDG 5.95 as the country’s central bank further devalued the local pound in renewed efforts to plug the gap with the unofficial trade.

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A Sudanese man counts notes after receiving the new Sudanese currency at a central bank branch in Khartoum July 24, 2011 (REUTERS Mohamed Nureldin Abdallah)

Sudan has been struggling to narrow the gap between the official and black market rates of foreign currency exchange which has been widening since the country lost its main source of hard currency revenues due to the secession of the oil-rich South Sudan last year.

In May, the Central Bank of Sudan (CBS) allowed government-licensed Forex bureaus to determine their own rates in buying and selling currencies in an effort to curb the flourishing black market, but the situation changed little as Forex offices kept hiking their rates to match value in the unofficial trade while failing to meet demand, due to the small supply they receive from CBS.

CBS announced on Thursday that it was fixing a new exchange rate of SDG 5.65 for commercial banks and Forex bureaus alike in order to narrow the gap with the black market rate. CBS said the new rate will be followed by decreasing it to SDG 4.4 after the Eid holiday.

Sudan Tribune has learned that commercial banks have already started using the new rate but there is no information on whether Forex offices have too.

Meanwhile, the black market rate increased to SDG 5.95 after it went down last week on news of the new oil deal between Sudan and South Sudan.

(ST)

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  • 17 August 2012 07:47, by Hardball

    This is just the beginning of Sudan pound nightmare; today the exchange rate is 5.65 Sudanese pounds to the US dollar but two and three months from now it will double to more than 11 pound to US dollar! South Sudan the breadwinner is no longer the central Bank of cash for Sudan!

    repondre message

    • 17 August 2012 11:32, by Dinkawarrior

      I wonder why Hossein Obama want to removed Sudan from the list of States Sponsoring Terrorists while Konyi is hiding in Khartoum! Sudan is doing the same shit like what happened in 80s when the Al-Qaeda leader Osama bin Laden made Khartoum to be safe haven. We will watch and see what Hossein Obama is doing? Wether he is hunting for Oil or Terrorists.

      repondre message

  • 17 August 2012 10:06, by jjb south

    Sudan will suffer the consequences of greedy intention until they learn fromv their mistakes & allow the flow of oil thru pipe line,open boarders for free trade with the money bags of South Sudan & hand over their criminal leader to face justice at the Haque.B4 that,they have to surrender all the disputed areas to S.S.
    Kurnyell,Mohammed Ali,Jallaby & rest will follow for killing protesters.
    I.C.C

    repondre message

    • 17 August 2012 11:42, by Dinkawarrior

      Ha ha ha ha ha ah! Kurnyel lost a lot of money today!

      repondre message

      • 17 August 2012 12:53, by Mading Makuac

        Kurnyel amok!!that why he didn’t bickering here!!!he will cry
        tomorrow ,i know him.He might have gone to be fucked so that
        he will gain more money to replace the money lost...

        repondre message

        • 17 August 2012 15:05, by South South

          This is very sweet, let Sudan goes down, down and down. They need to know that without South Sudan, Sudan is nothing but piece of dirt

          repondre message

  • 17 August 2012 16:15, by solider

    HAY SOUTH PEOPLE THIS WILL LAST FOR A VERY SHORT TIME. DID YOU FORGET ABOUT THE 3 BILLIONS PLUS 11$ & 9$ PER BARREL? WAIT AND SEE HOW SUDAN WILL BE AFTER YOU START PUMPING YOUR DAMN FRESH OIL. MR SALVA KIIR AND BAGAN AMUM ARE ALWAYS ON THE RESCUE OF SUDAN.THEY LOOT SS MONEY AND GIVE IT TO SUDAN .WHAT A LOYAL LEADERS :)
    AL HAMDO LILAAH

    repondre message

    • 17 August 2012 16:26, by South South

      Soldier,
      Don’t you have anything to say here ? Our money comes with big condtions. Are you ready to hear them ?
      1- Resumption of flights between Juba and Kahrtoum, why ? Fake black Arab girls will spend weekend in Juba, sweet.
      2- Open Port Sudan for South Sudan to buy anti-air missiles to kill fake Arabs.
      3- Give up Abyei, Helgig and all areas we disagree. Enjoy our money.

      repondre message

  • 17 August 2012 16:27, by solider

    OBAMA IS THE GREATEST AMERICAN PRESIDENT . HIS POLICIES WILL LIFT POVERTY FROM 30 MILLIONS IN SUDAN.PLUS MILLIONS OF EITHIOPIANS AND ERITRIANS .HE IS AN ANGLE
    WE LOVE YOU MR. OBAMA.

    repondre message

  • 17 August 2012 16:47, by solider

    SOUTH SUDAN,
    First keep in mind that your are the one who need the money more than us.so here what u need to know:
    1. you can have abyie after fair referendum including misariya bcoz simply they are humans.
    2.forget about heglig and using portsudan for something other than exporting oil, it is not your seaport.
    3. why are you so excited about arab girls coming to juba for a holiday?

    repondre message

    • 17 August 2012 17:08, by Hardball

      Solider, who is the one begging for $ 3 billion and $ 36.00 per barrel transit fee? Is it South Sudan that you say need money more or is it Sudan? You’re embarrassing yourself, you better keep quite!

      repondre message

      • 17 August 2012 23:50, by solider

        HARDBALL
        first that is our price if you don’t like it then go and find another one.
        second we need the money to fight rebels you are supporting under the sun light.
        we need the money for the destruction you are doing to africa .south sudan if costing nothing but an extreme mess

        repondre message

        • 18 August 2012 00:56, by Observer

          Soldier,
          It is best that you keep your mouth shut and be thought of as a fool as against opening it an letting the world know you are one.
          The rubbish you spout on here is not what we the ordinary Sudanese think.

          repondre message

  • 17 August 2012 16:48, by solider

    SOUTH SUDAN,
    First keep in mind that your are the one who need the money more than us.so here what u need to know:
    1. you can have abyie after fair referendum including misariya bcoz simply they are humans.
    2.forget about heglig and using portsudan for something other than exporting oil, it is not your seaport.
    3. why are you so excited about arab girls coming to juba for a holiday?

    repondre message

  • 17 August 2012 16:50, by jjb south

    To;
    Dinkawarrior, Aaban, Soldier, South South, Mading Makuac, Hardball, Gen. Quack, Madina Tonji, Monyi Jur, Miidit and all SOUTH SUDANESE.
    you have all seen our enemy dominating the headlines on the site, its means more troubles for them.
    lets unit and abolish tribalism but criticize individuals who are against prosperity of our new country. we should be strong enough to takeover when they die.

    repondre message

  • 17 August 2012 16:56, by solider

    con...
    do you mean you see arab girls are prettier than south sudan girls ??! i never thought you look at your sister as an ugly girl. you are sick and you need some help from a psychiatrist.

    repondre message

  • 17 August 2012 18:53, by Mapuor

    There are issues that need people’s attention.Inflation coupled with devaluation of currency will lead to terrible economic problems.Africans should avoid relying on only one source of income,oil,oil,oil is a finite resource,what if it disappears?will oil producing countries collapse in the same way two Sudans are almost heading to?

    repondre message

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