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Sudanese pound falls sharply against US dollar

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August 21, 2016 (KHARTOUM). The Sudanese pound has hit another historic low against the US dollar on the black market, as the central Bank of Sudan struggles to supply dollars to buy imports

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The US dollar has continued to decline against the Sudanese pound following a deal reached between Juba and Khartoum (Getty)

"The dollar exchange rate has registered a new record as the Sudanese pound declined to 15.6 per dollar" a black market trader told Sudan Tribune on Sunday.

Moutasim, a currency trader in Khartoum said that a dollar now coasts 15.6 pounds for small amounts and against 15.9 pounds for big amounts of dollar. He further said that Euro is selling for 17 pounds and Saudi Riyal is selling for 4.5 pounds.

The official exchange rate remains 6.25 pounds to the dollar, which is more than 100 % difference from the parallel market value.

The parallel market traders further noted that big dealers and companies control the exchange rate, saying offer and demand also influence exchange rate.

“We expect that Sudanese pound to continue dropping against foreign currencies after the collapse of peace talks in Addis Ababa last week,” he said.

Another trader who conditioned anonymity told Sudan Tribune that there is high demand for dollar by importing companies after new restrictions imposed by the Bank of Sudan against investors and importers.

On Thursday, Sudanese Trade Union has requested salaries increase pointing that the current wages do not cover 10% of living cost.

Prices of basic commodities went very high and some citizens said they were forced to take more than one job to meet their families’ needs.

Sudanese pound dropped down after South Sudan seceded in 2011, taking with it three-quarters of the country’s oil output, the main source of foreign currency used to support the Sudanese pound and to pay for food and other imports.

The Sudanese imports highly passes exports putting more pressure on the local currency exchange rate and causes drop against dollar.

The Sudanese pound has fallen against dollar since last April. Up to 19 July the dollar was selling for 14.1 e pounds, the Sterling was selling for 18 pounds and Saudi Riyal was selling for 3.7 pounds .

(ST)

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