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Sudan’s August inflation remains above 40 as dollar’s exchange rate continues to fluctuate

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September 11, 2012 (KHARTOUM) – Month-on-month inflation in Sudan rose from 41.6 percent in July to 42.1 percent in August due to soaring prices of imports whereas the value of the U.S. dollar in the black market for hard currency continued to seesaw.

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Sudan’s economy has been struggling with rising inflation and a depreciating currency since the country lost three-quarters of its oil production – the main source of state revenues and hard currency reserves – due to South Sudan secession in July last year.

In response, the government scaled back fuel subsidies as part of what officials describe as austerity measures needed to plug a budget gap of 2.4 billion resulting from the loss of oil revenues.

The monthly bulletin of the country’s Central Statistics Office said that inflation rose in August by 4 percent due to increases in the prices of imports, mainly clothing and shoes which accounted for 12.3 percent of the figure.

The International Monetary Fund (IMF) which supports Sudan’s response to the economic crisis says inflation could fall significantly if the government fully implements its austerity program and improves tax collection.

Meanwhile, the price of the US dollar in the black market keeps increasing and decreasing slightly. The exchange rate went to 5.950 Sudanese pounds for selling and 5.90 for buying from the previous day’s rates of 5.950 for buying and 6.26 for selling.

Black market traders attributed the slight decrease to the shortage of supply as well as the Central Bank’s purchase of the surplus of hard currency of government-licensed FOREX bureaus. They also pointed to increased crackdown by the economic department of the National Intelligence and Security Services (NISS) on the unofficial trade.

Sudan has witnessed slight improvement in the rates gold and of U.S. dollar exchange following the announcement of a deal to resume exporting South Sudan oil via Sudan, which sparked hopes for increased supply of hard currency.

(ST)

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  • 12 September 2012 12:22, by hellonearth

    PLEASE ALL THE FAKE ARABS IN THIS BLOG SAY SOMETHING ABOUT YOUR FAILING ECONOMY AND SOON YOU WILL HAVE TO LEAVE SUDAN FOR SAUDI ARABIA AS REFUGEES. JALABY, SUDANI ANA, MOHAMED ALI, AND THAT IDIOT OF A PERSON KURNYEL.... DON’T CHOKE.... ITS TOO EARLY FOR THAT

    repondre message

    • 12 September 2012 12:27, by Aaban

      This is how they run the country of people,
      Their evil power is winning every minute and they are happy with it,
      Those who sold their soul to evil do not care for anything apart from their stomach which drived them with a big force of greediness,,
      Foolish foreigner are massing up our country with a greed of power, time will came,

      repondre message

    • 12 September 2012 13:56, by South South

      That why Sudanese young men are for sell to Libya. Libya is giving them water mixed gas to drink. Sudan will be nothing without South Sudan, everyone in Khartoum no that. People stop eating meat. They are waiting for South Sudan oil to come. I have not seen any country in this world where people are for sell.

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      • 12 September 2012 15:09, by Lokiliri 4 Ever

        They are now facing the reality on ground. You remember when Omar el Bashir said that we should drink our crude oil if we don’t want to export it. He thought we are the one going to suffer. Let them now eat the snuffs they are producing in the north.

        repondre message

      • 12 September 2012 18:12, by zulu

        It will still become worst if Darfur, BN and Nuba Mts break away taking with them the rest of the resouces and leaving the wannabes with the desert. I see many of them in south sudan now pretending to dislike the ruling party. soon, the worst will hit becausethey have confiscated and looted shops of the Fur and the Nuba people in khartoum

        repondre message

  • 13 September 2012 02:52, by Observer

    Jalaby, M Ali. N Sudanese etc
    Notes you are not quickly jumping on here and making comments about our 40%+ inflation rate- now that it is around the same as S Sudan.
    Embarrassed that our inflation rate is as bad as S Sudan’s??
    I remember being called a liar and traitor a few months ago because I said about inflation rate being over 40%. Maybe you now believe me about our poverty rates.

    repondre message

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