Home | News    Thursday 16 January 2014

Sudanese pound weakens further against US dollar

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January 15, 2014 (KHARTOUM) – The US dollar inched higher in the black market relative to the Sudanese pound (SDG) despite assurances by the central bank that it has enough Forex reserves to support the local currency.

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A worker counts US dollar bills inside a money changer in the Sudanese capital, Khartoum (Photo: Reuters)

Traders said that 1 US dollar was selling for 8.20 SDG compared 8.00 at the beginning of the week. They also projected further drop in light of low Forex supplies as well as growing fears over fighting in neighboring South Sudan and its potential for disrupting oil slow.

Juba pays Khartoum a fee for every barrel of oil it exports through the pipelines which represent the only outlet for the landlocked state to export its crude to international markets.

The secession of the oil-rich south, denied Khartoum access to 75% of oil reserves that existed when the country was united. This has created a fiscal shock as a result of curtailment in national income and also increased prices of basic commodities that are mostly imported using shrinking Forex reserves.

This week central bank sources told the pro-government al-Rayaam newspaper that they are now in a comfortable position to combat the shortage in hard currency that has plagued the market since the country’s partition.

The sources underscored that they started receiving oil transit fees from Juba since three weeks ago totaling millions of dollars.

They stressed that the recent events in South Sudan did not interrupt the transfer of dues owed to Khartoum and added that oil production increases helped boost service fees.

Oil production in South Sudan was partially disrupted after forces loyal to former vice-president Riek Machar took control of Unity state, which contained some of the wells.

Last week, officials in Khartoum and Juba affirmed that the flow of crude from Adar Yeil’s oil field in Upper Nile state is at levels, normal adding that production had increased from 165,000 barrels per day (bpd) to 200,000.

However, Reuters quoted oil industry sources as saying that South Sudan reduced its exports and revised its loading programme while deferring some cargoes.

(ST)

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  • 16 January 13:19, by South South

    Sudanese pound will drop, drop, drop until it reaches shit in front of US dollar. This is very good news for all of us.

    repondre message

    • 16 January 14:08, by Mohammed Ali 2

      That is not true.It went up 7.8 to 8.4 after the tribal war in SS, now it dropped to 8.2.It is expected to come further down.

      repondre message

      • 17 January 16:26, by adamu

        Mohamed Ali 2, bro. i am in khartoum as i am writing this piece of information, we can play prop.... here and there, but the facts regarding the pound devaluation will not change bro. sometimes, we need to give truth alittle rm to excel.

        repondre message

    • 16 January 14:22, by Pif Paf

      do u know what the bad news for you is?
      JEM looted all SSP from the banks. Now you will have to go back to dealing in cows again. I wonder what the exchange rate is for Dollar Vs Cow?

      repondre message

      • 16 January 18:11, by South South

        I am laughing very hard. Slava and Riek will ink peace deal in coming two days. Very good news for South Sudan. What are gays fake Arabs going to say ? Crying ? Ok, Doing GATHA JAMARA ? OK, Stealing in name of Allah? OK. Since we kicked out fake Arabs from our land, their pound is sinking down everyday.

        repondre message

        • 16 January 18:33, by Oppressor

          South South big mouth you didn’t kicked ur masters ya monkey we gave u free land with oil but dump insect like u can’t value what we did ya baleed.. by da way peace or WAr u will still pay to Arabs to transfer oil ya homar...haaa haaaa

          repondre message

          • 16 January 19:21, by South South

            Someone need to help me, what Oppressor is trying to say? I understand nothing from him.

            repondre message

  • 16 January 14:17, by Jalaby

    To Dinka & Nuer,
    When will you guys stop this bullshit?!
    You guys said "we tried the unity and it didn’t work give us a chance for separation"
    Well, we gave you that chance and let you go but that turned out to be much worsen than unity and came back and hit us hard right at our stomach!

    repondre message

    • 16 January 14:22, by Jalaby

      Look buddies,the ugly fact that our fate is one and what happens in the south will immediately affect north either positive or negative,we are riding on the same boat and unfortunately Dinka & Nuer fighting each others in that boat,they will sink that boat and we will all sink with them and die!
      It’s time for Arab/Jalaba to take responsibility before it’s too late

      repondre message

      • 16 January 14:30, by Jalaby

        and invade the south and re-unite it again by force,separation didn’t work out and made it more complicated than any one imagination!
        Arab/Jalaba need to work with US & UK to re-uinte Sudan again, fortunately,US & UK lost hope in the south and seem to be regretted the support of South separation!
        I believe UK is already blessing the re-unite of Sudan and their foreign

        repondre message

        • 16 January 14:34, by Jalaby

          minister sent very positive messages in his last visit to Khartoum, also US made a very rare positive signal by appraising Bashir in his last visit to Juba!
          Yap, Arab/Jalaba need to work it out with US, if you guys hate to be under Arab/Jalaba ruling again then you should stop this war right now, I said right now or face Arab/Jalaba invasion again!

          repondre message

  • 17 January 07:19, by Sudan virus

    Walayi Jalaby this situation of ours here in South Sudan is worse than in hell!But we would rather divide the country further than uniting with the worst enemy not only of South Sudan but global enemy-Arab.

    repondre message

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