Home | News    Thursday 24 November 2016

U.S. dollar skyrockets as Sudanese security hunt down currency traders

separation
increase
decrease
separation
separation

November 23, 2016 (KHARTOUM) - The exchange rate of the U.S. dollar on Wednesday went up to 19,00 Sudanese pound (SDG) in the black market as security services launches large arrest campaign against currency traders.

JPEG - 24 kb
A $100 bill (AFP/Getty Images)

A trader in Khartoum told Sudan Tribune that the dollar price rose from 18, 2 pounds on Tuesday to 19,00 pounds on Wednesday, saying the economics department at the National Intelligence and Security Services (NISS) launched an intensive arrest campaign against black market traders.

The same trader expected the dollar price will reach 20,00 pounds within few days due to high demand and limited supply.

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.

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.
  • 24 November 2016 14:47, by James

    Arresting currency traders will add fuel to the crisis. Its only practical economic reform that can help...

    repondre message

  • 24 November 2016 16:15, by Eric Reeves

    Sudan has huge tracts of arable land & should be a big net exporter of agricultural products. Instead, under this regime’s grossly corrupt mismanagement of the economy, huge imports of food are needed every year, draining the country of hard currency. Farmlands have been sold/leased to Arab & Asian concerns—the Gezira scheme is collapsing. This accounts for the lack of Forex & collapsing currency.

    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


Sudan’s interest in South Sudanese peace 2017-01-23 10:15:06 By Rashid Abdi Sudan and South Sudan’s relationship is of vital importance to resolving conflicts in both countries. Khartoum, and other countries in the region, clearly benefit from a stable (...)

South Sudan: Strategic choice between bribery and right to self-determination for Saharawi people 2017-01-22 22:03:05 By Beny Gideon Mabor, Esq Western Sahara known as Saharan Arab Democratic Republic (SADR) was Spanish protectorate in the Maghreb region of North Africa. It is situated north of Kingdom of (...)

Armed Struggle and Civil Resistance in Sudan: A catch 22 situation 2017-01-22 08:22:12 By Elwathig Kameir 1. The Sudan People's Liberation Movement-North (SPLM-N) issued a press statement, on Jan. 17, declining a US initiative (of which I have seen a copy) for the delivery and (...)


MORE






Latest Press Releases


Abduction of S. Sudan Chief Justice’s aide illegal, should be condemned 2017-01-16 05:27:50 FOR IMMEDIATE RELEASE 16th January 2015 Legal Watch Associates South Sudan has learned with shock and dismay the abduction of Mr Gama Thomas, an aide to the Chief Justice, Chan Reech Madut. (...)

Carter Center welcomes new regulations on humanitarian affairs 2017-01-12 07:53:16 The Carter Center ATLANTA, Januarg 11, 2017 – The Carter Center welcomes the recent regulations issued by the government of Sudan aimed at facilitating humanitarian relief throughout the country (...)

Nertiti massacre in Central Darfur exposes the criminal nature of Bashir’s regime 2017-01-03 11:54:47 Sudan Democracy First Group Nirtiti massacre in Central Darfur exposes the criminal nature of Bashir's regime 2 January 2017 On the first day of 2016, and only one day after President Bashir's (...)


MORE

Copyright © 2003-2017 SudanTribune - All rights reserved.