Home | News    Monday 26 November 2012

Sudan’s pound rises following CBoS announcement on receiving new Forex deposits: report

separation
increase
decrease
separation
separation

November 25, 2012 (KHARTOUM) – The Sudanese pound improved significantly against the US dollar in the black market in reaction to the Central Bank of Sudan (CBoS) announcement this week that it received fresh hard currency deposits from abroad.

The pro-government al-Rayaam newspaper said that the Sudanese pound is now at 5.3 to the dollar, compared to 6.3 last week.

CBoS has said that the new Forex infusion received will be used to "stabilize the exchange rate in the light of expectations for greater flows of foreign exchange during the upcoming period".

The government has struggled to stop the drop in the pound’s exchange rate to the dollar mainly since the oil-rich South Sudan seceded and resorted to a number of measures over the last two years to reverse the trend.

Among the measures taken was limiting the list of goods that can be imported and restricting purchases of hard currency by travelers.

Last May however the government allowed the long-avoided move of devaluing the currency which meant that Forex bureaus and banks can trade dollars at a level close to the black market rate.

But a Forex bureau owner told al-Rayaam newspaper that the black market remains dominant given the competitive pricing it offers.

The government is hoping that its growing gold exports will provide a new source of Forex for its economy though some analysts express skepticism that this can occur in the short term.

Last September Sudan and landlocked South Sudan signed a deal stating the fee Juba has to pay to route its crude through northern pipelines ending a row that led to the shutdown of the entire southern output of 350,000 barrels a day in January.

The agreement raised hopes in Sudan that the hard currency situation will improve as a result of the transit fee receipts. However officials in Khartoum recently stressed that oil transportation will not resume without resolving security issues.

(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.
  • 26 November 2012 08:16, by Son of Ngundeng

    Good news, coming year if we didn’t resum oil production DOLAR its going to reach 1000,SDG for the black market.

    repondre message

  • 26 November 2012 08:24, by Foxtail

    wondering how south sudanese pound became so strong against fucking pound of the Old Sudan? but slight deduction such as that doesn’t deserve public notification. it’s just an exaggeration. you can’t expect sharp drop in demand for a dollar in a country mismanage by idiots .

    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


Sixty years of the Sudanese Armed Forces went unheeded 2014-08-20 06:01:50 By Mahmoud A. Suleiman August 19, 2014 - This article comes against the backdrop of the Sudanese armed Forces (SAF) celebration on Thursday 14th August 2014, for its Sixtieth Anniversary. (...)

Freedom of Expression in South Sudan: does it exists? 2014-08-18 22:02:01 By Joseph Stewart Sr. “You and I have a rendezvous with destiny. We will preserve for our children this, the last best hope of man on earth, or we will sentence them to take the first step into a (...)

What is politics in South Sudan context? 2014-08-14 06:11:41 By Peter Gai Manyuon August 14, 2014 - Is politics preaching about tribalism? Is politics taking Country resources? Is politics killing people in ethnicity line? Is politics raping women and (...)


MORE








Latest Press Releases


Friends and Diaspora of South Sudan urge leaders to choose peace 2014-08-19 20:29:59 FOR IMMEDIATE RELEASE CONTACT: Esther Sprague, Founder & Director, Sudan Unlimited 415.713.2495, esprague11@yahoo.com FRIENDS AND DIASPORA OF SOUTH SUDAN URGE LEADERS TO CHOOSE PEACE UNSC (...)

Local group calls to investigate assassination attempt on civil society activist 2014-08-03 08:29:24 The South Sudan Human Rights Society For Advocacy (SSHURSA) PRESS RELEASE: For Immediate Release, 2 August 2014 SSHURSA condemns attempted assassination on the life of the Alliance’s leader Deng (...)

Memory, healing and transformation in South Sudan 2014-07-23 05:55:08 Memory, Healing and Transformation in South Sudan A Working Paper by David K. Deng July 2014 Contents Introduction 1 What is memorialization? 2 Timing 2 Risks 3 Principles 3 Integrity 3 (...)


MORE

Copyright © 2003-2014 SudanTribune - All rights reserved.