March 24, 2014 (KHARTOUM) – The exchange rate of the US dollar against the Sudanese pound (SDG) in the black market inched higher over concerns related to foreign banks boycott revealed this month, traders said.
- A worker counts US dollar bills inside a money changer in the Sudanese capital, Khartoum (Photo: Reuters)
One US dollar was selling for 8.5 SDG on Monday compared to 8.2 at the end of February.
A black market trader told Sudan Tribune that the price of the dollar went up due to high demand and low supply.
He also mentioned reports that Saudi Arabian and some European bank suspended their dealings with Sudan as of the February 28th as a factor.
The pound also weakened against the UAE Dirham and the Saudi Riyal.
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.