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

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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.

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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)

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Kind regards,

The Sudan Tribune editorial team.
  • 24 November 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 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

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