Home | News    Tuesday 11 July 2017

Sudanese pound continues to decline against U.S. dollar

separation
increase
decrease
separation
separation

July 10, 2017 (KHARTOUM) -The price of the U.S. dollar has witnessed a significant increase in the black market in Khartoum on Monday, settling at 19,4 Sudanese pounds (SDG).

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

Traders in Khartoum told Sudan Tribune that the dollar price is expected to continue to rise in the coming days ahead of the anticipated U.S. decision on the permanent lift of sanctions on Wednesday.

They attributed the increase to the scarcity of the U.S. dollar and growing demand in the Sudanese market and the decline in remittances, saying the central bank doesn’t inject enough amounts of Forex to meet the demand.

A trader who spoke to Sudan Tribune on the condition of anonymity said if Washington decided to lift the sanctions, the dollar price wouldn’t decline significantly as had previously occurred due to the limited supply of dollar.

Last January, U.S. dollar price pulled back from 19.4 to 16.0 SDG on the black market following the U.S. decision to ease the economic sanctions but it soon rose again.

Last week, the director of Foreign Exchange Department at the Central Bank of Sudan (CBoS) Nur al-Din Mohamed Sulieman said they continue to provide Forex at the official rate for purposes of tourism and medical treatment abroad.

He told the official news agency SUNA on Monday that the CBoS hasn’t stopped Forex supply for these purposes, saying the funds are provided through various banks including the Al-Tadamon Islamic Bank, Animal Wealth Bank and the Sudanese-French Bank.

The Sudanese pound has lost 100% of its value since South Sudan’s secession in 2011, pushing inflation rates to record levels given that the East African nation imports most of its food.

Last November, the 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 halt the rise of the dollar against the pound in the black market.

(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


Open Letter to Ambassador Donald Y. Yamamoto 2017-09-23 07:09:30 To The Principal Deputy Assistant Secretary, Bureau of African Affairs, U.S. Department of State, Washington, D.C. September 21 , 2016 By Stephen Par Kuol Your Excellency Ambassador Yamamoto: (...)

Sudan’s renegade Sheikh 2017-09-12 12:44:55 By Ahmed H Adam Tensions between the Sudanese regime and militia commander Sheikh Musa Hilal has reached a tipping point in recent weeks. On July 20, Sudanese Vice President Hassabo Abdel (...)

The UN’s WHO knows cholera vaccines have been used effectively: why not in Sudan? 2017-09-09 23:05:26 Eric Reeves The UN’s World Health Organization (WHO) continues in its refusal to call the cholera epidemic that has spread throughout Sudan by its proper name (cholera is caused by the Vibrio (...)


MORE






Latest Press Releases


Amnesty calls to release Nubian activists detained over protest for cultural rights 2017-09-12 20:47:54 AMNESTY INTERNATIONAL PRESS RELEASE 12 September 2017 Egypt: Release 24 Nubian activists detained after protest calling for respect of their cultural rights Egyptian authorities should (...)

New group formed to gather Nuer in United States 2017-08-17 14:15:50 DECLARATION FOR THE FORMATION OF NUD TO BRING TOGETHER ALL NUER IN THE U.S.A Press Statement The Nuer Union For Development (NUD) The United State of America The State of Nebraska August 15, (...)

A prominent Sudan Women and Civil rights activist passed away 2017-08-14 21:09:47 The Strategic Initiative for Women in the Horn of Africa (SIHA) Khartoum, Sudan-August 14 2017 In the early hours of Saturday 12th August Fatima Ahmed Ibrahim, a renowned Sudanese leader of the (...)


MORE

Copyright © 2003-2017 SudanTribune - All rights reserved.