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


Shilluk and its Dinka neighbours 2016-05-23 18:20:45 By Jwothab Othow Shilluk People in front of an Imperial Airways Aircraft - Malakal circa 1936Shilluk People in front of an Imperial Airways Aircraft - Malakal circa 1936 Sudan Tribune website (...)

What we need from the Humanitarian Summit 2016-05-19 20:32:42 By Stephen O'Brien Next week at the first ever World Humanitarian Summit in Istanbul, leaders from Governments, international agencies, the private sector and civil society will gather to (...)

Economic consequences of peace in South Sudan 2016-05-16 08:56:14 By John A. Akec South Sudan owes its recent peace agreement to the mediation endeavors by the African countries. Particularly, to efforts of Ethiopian, Ugandan, South African, Tanzanian, and (...)


MORE






Latest Press Releases


Open Letter to President Salva Kiir and 1st Vice President Dr. Riek Machar 2016-04-18 12:36:12 South Sudan Women United April 15, 2016 Your Excellencies: South Sudan Women United writes to congratulate you both on the steps you are taking towards ending violence in South Sudan and (...)

Report on a tour of the SPLM-N secretary-general in the Nuba Mountains 2016-04-02 07:11:03 Sudan Peoples’ Liberation Movement – North (SPLM-N) *** Nuba Mountains of South Kordofan March 30, 2016 · The SPLM-N is for peace, but the Addis Ababa Agreement will co-opt the opposition into the (...)

Sudan: Silencing women rights defenders 2016-03-31 20:22:15 Human Rights Watch Sudan: Silencing Women Rights Defenders Sexual Abuse, Intimidation by Security Forces (Nairobi, March 24, 2016) – Sudanese security forces have used sexual violence, (...)


MORE

Copyright © 2003-2016 SudanTribune - All rights reserved.