Home | News    Monday 25 February 2013

Sudan security rounds up black market currency traders in fresh crackdown

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February 24, 2013 (KHARTOUM) –Sudanese authorities on Sunday detained more than ten alleged black market currency traders in a fresh bid to halt the nosedive of the country’s pound against the United States dollar and other major currencies.

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

The arrests were carried out by a team from the economic division at the National Intelligence and Security Services (NISS) who swept through downtown Khartoum and surrounding neighborhoods.

As a result, downtown Khartoum appeared emptied from currency traders who normally filled its streets amid big shortage in hard currency.

"The operation has resulted in curbing the dollar prices which stood at 7 pounds because the continuation of the parallel market would have drove the dollar to 10 pounds in a short period of time" a trader told Sudan Tribune on condition of anonymity.

Today the dollar was selling for 7.7 pounds while the Saudi Riyal traded at 1.8 pounds.
The official rate stands at around 4.4 to the dollar.

Khartoum is under pressure to preserve the eroding value of its currency in the wake of the secession of the oil-rich South Sudan in July 2011.

Oil was not only the main source for state revenues but also for dollars needed to fund imports.

Because banks and Forex bureaus are unable to supply enough dollars, the black market rate is seen as the benchmark for the real market value of the pound.

Late last year Sudanese authorities started rounding up currency traders after the central bank announced that it will prosecute anyone dealing in the black market.

(ST)

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  • 25 February 2013 08:26, by cbuongdit cholkua

    Pif Paf, why do your govt becomes harder on poor Sudanese people who are struggling to feed their familis? is that still shows the sign of good economy? we don’t do here in Juba, people are free and they entitled to do what they wanted to do with their live. That shows that our economy is in good shape.

    repondre message

    • 25 February 2013 09:07, by Pif Paf

      cbuongdit,
      Come on !! U r not serious trying to sell me that nonsense. Explain to me how in the world of business you can have a good economy when u have no exports and import all your needs? Even tho most of the demand in S.Sudan is for Masera and Cow urine which are both produced locally, people need to eat plus have other needs and all that is imported.

      repondre message

      • 25 February 2013 09:09, by Pif Paf

        Your only source of revenue is deep underground & will only see the light of day when Khartoum says it will. The US is trying to arrange a donor conference for S.Sudan to avoid its collapse for god’s sake, although I think that ship has sailed.
        And dont talk about being free, if u don’t believe me hear it from the BBC http://www.bbc.co.uk/news/world-africa-21544318

        repondre message

        • 25 February 2013 12:24, by Al-mezan

          Mok mok,
          I think you are completely ignorant of determinants of economic strength of country. Let us leave USD and oil, and look at the life in both capitals of the two Sudans, we find that water which is simply drawn from the Nile is sold at 2 SDG in khrtm and 1 SSP in Juba. H2O is not imported, and why does it double the price in the market of yesterday’s nation like SSD. This is one indicator.

          repondre message

          • 25 February 2013 12:45, by Al-mezan

            Also it is unjustifiable to take the economy a year-and-a half old nation as a litmus test for a 58 year old state like Sudan. This is an other indicator that the economy of the later is shrinking. For a country like South Sudan to have its oil flow via its northern neighbor become something of the past, port lamu is the only way out even tho it takes us 50 yrs of struggle.

            repondre message

      • 26 February 2013 18:52, by cbuongdit cholkua

        Pif Paf, I will tell you this, if we have to compare live between our countries economically, I would still say to you that; live in S.S is way much better than the live you lives in N.S. For example, majority of N.S flee the country due to the worst economy. Like now aday, if you come here to Juba, you won’t says that the country has been splitted that’s fact and I’m sure that you have a family-

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  • 26 February 2013 19:06, by cbuongdit cholkua

    members living here in Juba. Then Egypt also overflooded with all your people seeking for somewhere to live a better live. That is not a good a country that has stablizes it self. therefore, you should accepted the fact that,you don’t war or druoght that would cause people to flee the country exccept for bad economy.

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