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Forex shortage threatens Sudan’s largest flour company

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March 10, 2013 (KHARTOUM) – Sudan’s largest flour company has been forced to cut its production by 50% because of foreign currency shortage, Sudan Tribune has learned.

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Sayga Flour Mills, which is part of DAL Group, relies on Byblos Bank, Abu Dhabi National Bank and Saudi Sudanese Bank to provide Guarantee Letters for the purposes of importing wheat and other production items.

Those banks informed Sayga that the Bank of Sudan did not inject the needed Forex supply in their accounts to issue new Guarantee Letters.

Sudan imports approximately $800 million annually worth of wheat to cover domestic consumption.

The Chairman of DAL group Osama Daoud Abdel-Latif informed officials at the central bank and these banks that Sayga’s bread production estimated at 8 million is now at stake over the issue of Forex shortage.

A banking source told Sudan Tribune that Sayga is forced at times to buy Forex from the black market which eventually leads to higher flour and bread prices.

Sudan is battling its biggest economic crisis for decades as it struggles with a severe shortage of hard currency following the loss of three quarters of its oil production due to South Sudan’s independence in 2011.

Oil revenues were the main source of revenue for Sudan’s budget and for foreign currency needed to pay for vital imports including food and medicine.

The Sudanese pound is currently trading at more than 7 pounds to the dollar compared to an official rate of 4.4.

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.

Since 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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  • 11 March 2013 11:08, by Observer

    Oh great!
    Now one of our most successful companies here in Sudan is being affected by our governments incompetence.

    repondre message

    • 11 March 2013 12:10, by Mohammed Ali 2

      Observer, great for you! Not great for us , Sudanese! "Difficiency complex" makes you always say " our".Did you ever see Jalabi,master or north Sudanese say " our".Try to be intelligent like Sudanese once in your life and stop bluffing and lying!

      repondre message

      • 11 March 2013 14:33, by Junta

        Mohammad!
        Expect worse things to happen! I know the condition of Sudan’s economy is worse than what is reported to the Media. The fact is RSS used to be the life line for Sudan’s economy, more so the NCP thieves were so much used to stealing South Sudan’s resources to sustain there beleaguered economy, now it is not there! South is applying Sharia on the North by chopping off their hands & tongues

        repondre message

      • 11 March 2013 14:53, by Observer

        M Ali 2
        Just rolls my eyes at you..
        Are Jalaby, Master, Northern Sudanese the ones who set the standard in here are they and how they write should be the way all Sudanese write??
        Why don;t they say our country.. as it is OUR country- all of US who live in Sudan.
        You just don’t seem to understand that all Sudanese in OUR country do not support what is happening in OUR country.

        repondre message

      • 11 March 2013 14:55, by zulu

        Those of the Nuer Jalaba, Mistress, Sudani, pitied pet say our because they are the dishonest NCP like you. But the honest and intelligent suffering sudanese look broadly and do not absorp the mismanaged policies of the NCP who is running the country amok. Where are the mega projects gold, sugar and arab counteis powering in money? Liars are being caught red handed now

        repondre message

        • 11 March 2013 16:05, by master

          zulu
          gay.sharmot
          enjoy your cow urine
          we will show you ugly monkey
          your life depend on us for ever so be polite
          shit

          repondre message

          • 12 March 2013 04:00, by zulu

            Mistress,
            Thank God I dont speak nor read that stupid language. I was born during the hostilities against the Jalaba in Torit and so did I grow up rejecting to learn in School that stupid language which is not Sudanese but Arabian.
            I am very proud of my identity. Not like you quite confused to this day and age. Go get $%#^&&^ in your stinky butt

            repondre message

        • 11 March 2013 16:06, by master

          zulu
          gay.sharmot
          enjoy your cow urine
          we will show you ugly monkey
          your life depend on us for ever so be polite
          shit

          repondre message

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