Home | News    Saturday 3 May 2014

US dollar losing ground to Sudanese pound on black market

separation
increase
decrease
separation
separation

May 2, 2014 (KHARTOUM) – The price of the US dollar dropped sharply on the black market in Khartoum on Thursday, settling at 8.80 Sudanese pounds (SDG) after reaching a high of 9.50 (SDG) over the past two weeks.

JPEG - 23.4 kb
A worker counts US dollar bills inside a money changer in the Sudanese capital, Khartoum (Photo: Reuters)

The decline followed an announcement by the Central Bank of Sudan (CBoS) that it would infuse additional amounts of foreign currencies into the commercial banks in order to meet demand of the small importers and merchants.

The CBoS director of foreign exchange, Bashir Ahmed Mohamed, announced last Tuesday that they would supply banks with hard currencies in order to meet the needs of the small importers.

A trader in the black market, who preferred to stay anonymous, said the dollar price decreased after the CBoS supplied commercial banks with foreign currencies, pointing that Forex companies were allowed to sell the dollar at 8.60 (SDG) in order to meet demand of those travelling abroad for tourism and medical treatment.

The same trader said that travelers abroad are given limited amounts of dollars ranging between $1,000 to $5,000 , predicting the value of the dollar will drop more if the CBoS continues to supply banks with additional amounts of foreign exchange.

The National Intelligence Security Services’ (NISS) department of economic security carried out a large arrest campaign against traders in the black market following the significant increase of the dollar price in the past days.

The official CBoS dollar price on Thursday was 5.7075 (SDG) making the higher price range 5.9358 (SDG) and the lower range 5.4792 (SDG).

Sudan’s economy was hit hard since the southern part of the country declared independence in July 2011, taking with it about 75% of the country’s oil output.

The Sudanese pound has lost 100% of its value since South Sudan’s secession, pushing inflation rates to record levels given that the East African nation imports most of its food.

(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.

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


Egypt’s Strategic Water Security: The myth and the truth 2017-03-24 08:19:56 By Ermias Hailu Following to the end of the second world war Egypt’s failure to integrate Eritrea to its territories, due to Emperor Haile Selassie’s superior diplomatic skills, the then Pan- Arab (...)

South Sudan famine is a wake-up call to revive dead peace deal 2017-03-20 15:57:01 By Brian Adeba News that a famine has been declared in South Sudan is yet another stark reminder of the ever evolving nature of war-induced fragility in Africa’s newest country. As the world (...)

Africa’s next level of economic transformation 2017-03-20 05:57:00 By Jim Yong Kim The G20 finance ministers met last week in Germany to discuss critical challenges facing the global economy, from climate change to migration to humanitarian emergencies like the (...)


MORE






Latest Press Releases


Statement by South Sudanese Communist Party on the National Dialoguel 2017-03-22 05:44:42 The Communist Party of South Sudan On the Initiative of the National Dialogue The initiative taken by the President of the Republic of South Sudan declaring a need for a national dialogue is an (...)

An Appeal to President of the Republic of South Sudan 2017-03-15 07:22:45 Dear. Mr. President, I write to appeal to you for the release of political detainees now in the custody of the National Security Service at Jebel and other detention facilities. In doing this, I (...)

Militias of Bashir’s Regime and the Proxy War (1) 2017-02-08 21:49:09 Sudan Democracy First Group Militias of Bashir’s Regime and the Proxy War (1) War in the Blue Nile: Militias in the hunt of refugees and displaced population Introduction Throughout its rule, (...)


MORE

Copyright © 2003-2017 SudanTribune - All rights reserved.