Home | News    Tuesday 22 November 2016

Sudanese pound continues to decline against U.S. dollar

separation
increase
decrease
separation
separation

November 21, 2016 (KHARTOUM) - The Sudanese pound fell to a record low on Monday, said currency traders on Monday.

JPEG - 24.9 kb
U.S. dollar notes (Reuters/Athit Perawongmetha Photo)

A trader in Khartoum told Sudan Tribune that the purchase price of the U.S. dollar reached 18,00 Sudanese pounds (SDG) while the selling price settled at 18,2 in the black market.

Earlier in November, Central Bank of Sudan (CBoS) introduced an incentive policy, increasing the exchange rate in commercial banks by 131%. As a result, the U.S. dollar exchange rate went up in banks to 15.8 SDG from the official rate of 6.5 SDG.

However this measure didn’t curb the rise of the dollar against the pound in the black market.

Black market traders last week expected that the pound would continue to drop against the dollar. They pointed to the increasing demand while the supply remains very limited.

Sudanese authorities regularly carry out arrest campaign against currency dealers in the black market following the significant increase of the dollar price five years ago after the secession of South Sudan.

Governor of the CBoS had earlier said the currency dealers must be charged with high treason, pointing the rise of the dollar in the black market “unjustified” and a result of “speculation”.

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.

(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.
  • 22 November 2016 14:46, by Eric Reeves

    Without meaningful assets behind a currency, it can go only one way: down. In the case of the Central Bank of Sudan, it has precious little of the only asset that can support the Sudanese Pound: hard currency/Foreign Exchange Currency (Forex). The continuing fall in the Pound is a sign that no one believes that the supply of Forex will increase; on the contrary, the supply is rapidly diminishing

    repondre message

    • 23 November 2016 00:00, by salah

      The largest purchaser of the US$ in Sudan, is the Sudanese Government and the thieves that rule Sudan. They print Sudanese money to purchase US$ to enrich themselves and Stash it overseas. They are now going into a feeding frenzy, maybe they are feeling their days are numbered.

      repondre message

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


Darfur, the most ‘successful’ genocide in a century 2017-04-21 23:16:47 By Eric Reeves The Darfur region of western Sudan has been recognized since 2004 as the site of genocide since 2004 by dozens of political officials and bodies (including the U.S. Congress and (...)

Open Letter to AU and IGAD: Festus Mogae be relieved and JMEC disbanded 2017-04-21 23:12:39 By Dak Buoth It is an opportune time for President Festus Mogae, the Chair of the Joint Monitoring and Evaluation commission (JMEC) to pack and go back where he came from. And if he so wishes to (...)

The Nile Basin In Transformation: research uptake and what’s at stake? 2017-04-20 14:55:55 Mohamed s. M. Yassin (Ph.D) The Nile basin territories have witnessed huge transformation since prehistoric era and continue to be subjected to enormous transformations. The transformations (...)


MORE






Latest Press Releases


HRW denounces "collective punishment" in South Sudan’s Wau 2017-04-15 07:06:48 Human Right Watch South Sudan: New Spate of Ethnic Killings Urgent Need for Justice; UN Should Increase Patrols in Wau (Nairobi, April 14, 2017) – Government soldiers and allied militias (...)

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 (...)


MORE

Copyright © 2003-2017 SudanTribune - All rights reserved.