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Dollar price fluctuates after lift of Sudan’s sanctions

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October 7, 2017 (KHARTOUM) - The exchange rate of the U.S dollar price has witnessed large fluctuations on the black market hours after Washington’s decision to fully lift the economic sanctions on Sudan.

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U.S. dollar notes (Reuters/Athit Perawongmetha Photo)

On Friday, the U.S. Administration permanently lifted 20-year-old economic sanctions against Sudan citing positive actions on humanitarian access and counter-terrorism.
For several months, the price of the U.S. dollar on the black market has ranged from 21,0 to 21,6 Sudanese pounds (SDG).

However, traders in the black market in Khartoum told Sudan Tribune that the dollar price on Saturday morning has declined to 17,0 pounds (SDG) while it settled at 19,5 pounds on the evening of the same day.

The traders expected the dollar wouldn’t settle at a certain price unless the Central Bank of Sudan (CBoS) announces the new official rate.

Last January, dollar price pulled back from 19.4 to 17.0 SDG on the black market following the U.S. decision to ease the economic sanctions but it soon rose again.

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)

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The Sudan Tribune editorial team.

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