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.


s
Sudan Tribune

Promote your Page too

Latest Comments & Analysis


“The Nile: Shared River, Collective Action” 2018-02-22 08:06:26 By Dr. Eng. Seleshi Bekele Ethiopia is hosting the 2018 Regional Nile Day Celebration in commemoration of the establishment of the Nile Basin Initiative (NBI) on February 22, 1999 in Dar es (...)

James Dak’s case:: Why death sentence should be canceled 2018-02-19 14:27:34 By Peter Gai Manyuon On Monday 12th of February 2018, a South Sudan court in Juba sentenced James Gatdet Dak to death by hanging, citing several provisions in the constitution as the basis upon (...)

The Position of the SPLM-N on Relief Delivery Same Wine, Old Bottles! 2018-02-18 06:50:42 By Elwathig Kameir On January 19, 2017, I published an article titled “Armed Struggle and Civil Resistance in Sudan: Catch 22,” from which I quote the following opening paragraphs (from i to iii): (...)


MORE






Latest Press Releases


Petition for release of Agou John Wuoi from prison 2018-02-15 20:45:31 Open letter to South Sudan President Salva Kiir Your Excellency, Kindly please permit me to take this rare opportunity to appreciate you for every effort you have made toward making South Sudan (...)

AUHIP Communiqué on Sudan & SPLM-N talks for cessation of hostilities agreement 2018-02-05 13:04:16 African Union High-Level Implementation Panel for Sudan and South Sudan Joint Statement on Unilateral Ceasefire, Cessation of Hostilities and Completion of Negotiations 1) With the facilitation (...)

South Sudanese rights group call to release political detainees 2017-12-10 07:50:31 THE INTERNATIONAL HUMAN RIGHTS DAY: 10 DECEMBER 2017: SSHURSA CALLS ON ALL TO ACTION FOR SOUTH SUDANESE The 10 December usually marks the international human rights day. SSHURSA notes with (...)


MORE

Copyright © 2003-2018 SudanTribune - All rights reserved.