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U.S. dollar drops against the Sudanese pound

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September 28, 2017 (KHARTOUM) - The U.S. dollar slipped slightly against the Sudanese pound in Khartoum, as currency traders turn their eyes to Washington waiting for a decision on the permanent lift of sanctions.

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A worker counts US dollar bills inside a money changer in the Sudanese capital, Khartoum (Photo: Reuters)

The dollar recorded a significant decline against the Sudanese pound on Thursday, as the sell rate of a dollar on the parallel market declined to 19 Sudanese pounds, compared to 21.6 last week, losing more than two pounds.

Money traders told Sudan Tribune on Thursday that the dollar was falling against the pound because businessmen were reluctant to buy the hard currency fearing losses as Washington is due to announce its decision on the relief of sanctions within less than two weeks on October 12.

They further pointed to the lifting of the travel ban on Sudanese national, saying it has contributed to the fall of the dollar in the local market.

The definitive repeal of sanctions is seen by Washington as a step in a long process aiming to end the war and achieving peace in Sudan. The U.S. administration will continue to push the Sudanese government to achieve peace and democratic reforms.

Sudan is still on the list of state sponsors of terrorism, also the relief of Sudan’s debt requires the American approval. The State Department says it will use these tools to put pressure on al-Bashir’s government.

However, traders said they expect that the dollar would rise again in the upcoming weeks.

"The central bank does not have enough foreign exchange reserves to make sure there’s enough foreign currency to pay for imports and control the price of the dollar," said a trader who requested anonymity.

"So, the hard currencies prices will be determined by the size of supply and demand in the parallel market," he further told Sudan Tribune.

Following the temporary lift of sanctions by the President Barak Obama last January, the U.S. dollar had swung lower in Khartoum, but very quickly its price increased again due to the growing demand in the Sudanese market.

(ST)

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