Home | News    Tuesday 9 January 2018

U.S. dollar hits record high against Sudanese pound

separation
increase
decrease
separation
separation

An employee of a money changer holds a stack of U.S. Dollar notes before giving it to a customer in Jakarta, October 8, 2015. (Reuters Photo)

January 8, 2018 (KHARTOUM) - The U.S. dollar exchange rate on Monday has hit a new all-time high in the black market as the Sudanese pound (SDG) declined to 29.5 per dollar.

Following an unprecedented increase in dollar price last November, the Sudanese authorities introduced new measures allowing for10-year prison term for anyone caught trading on foreign currency outside the banking system or approved institutions.

Also, the Central Bank of Sudan (CBoS) revoked business licenses of a number of gold trade companies saying the decision was prompted by their involvement in currency speculations.

Also, Sudan’s 2018 budget saw an increase in the U.S. dollar official exchange rate to 18.00 pounds (SDG) from 6.9 pounds.

Money traders told Sudan Tribune on Monday the purchase price of the dollar reached 29 pounds while the selling price settled at 29,5 pounds compared to 27,5 and 28 pounds on Sunday.

They attributed the increase in the dollar price to the low supply and high demand from large companies particularly those operating in medicines importation.

A black market trader told Sudan Tribune that most of the Forex traders transferred their activity abroad and in particular to the Gulf States following the recent government security measures.

“The government measures were counterproductive because the dollar price before it was 22 pounds and now it approaches 30 pounds and it would continue to rise until it reaches 50 pounds because the CBoS doesn’t have enough reserves and whenever the official rate increases, the black market would raise its price,” he said

“The black market is the largest source of Forex in the country because it controls the remittances of the Sudanese expats which exceed 6 billion pounds annually,” he added.

The Sudanese pound has lost more than 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.

The most recent International Monetary Fund (IMF) report indicated that Sudan’s gross international reserves remained very low in 2017 ($1.1 billion, 1¾ months of imports).

(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.
  • 8 January 23:14, by Kuch

    Ooh! Cope with that fellows, here in South Sudan. A lot of fools are from your so-called SPLM-IO are given dollars by the CIA, MI6, their UN, their NGOs, their evil juus & some of their other creeps in between.

    repondre message

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 South Sudan Civil Aviation Authority 2018-09-19 04:05:10 By Telar Ring Deng On the cold morning of 9th September 2018, we were all in utter shock and bewilderment at the very tragic accident that occurred in Eastern Lakes State when a Plane crashed (...)

Sudanese have become prey of mercenaries and Janjawid militias 2018-09-17 09:59:30 By Mahmoud A. Suleiman The Janjaweed bandits have been raging in the land of Darfur in particular and Sudan in general with corruption, havoc and destruction, more than a decade on. The (...)

Khartoum’s peace agreement: A looming disaster 2018-09-15 07:42:34 By Duop Chak Wuol Throughout the South Sudanese peace process, the Sudan People’s Liberation Movement-In Opposition (SPLM-IO) has been faced with serious political issues. These issues make it (...)


MORE






Latest Press Releases


Unity State community in Kenya supports Khartoum peace agreement 2018-08-17 08:33:21 PRESS STATMENT 14th Aug, 2018 Re: We shall Rally behind Khartoum Peace Agreement The Unity State Community Association in Kenya was established in 2010 to organize and mobilize the people of (...)

The Suspension of Hurriyat Online Newspaper 2018-04-29 07:04:37 Sudan Democracy First Group 28 April 2018 The Sudanese civil and political circles and those concerned with Sudan were shocked by the news that the management of Hurriyat online newspaper has (...)

Petition on the Deteriorating Human Rights and Humanitarian Situation in Sudan 2018-04-22 10:01:20 UN Secretary-General, New York African Union Commission, Addis Ababa UN High Commissioner for Human Rights, Geneva Petition on the Deteriorating Human Rights and Humanitarian Situation in Sudan (...)


MORE

Copyright © 2003-2018 SudanTribune - All rights reserved.