Home | News    Thursday 14 June 2018

Sudanese pound continues to plunge against U.S. dollar

separation
increase
decrease
separation
separation

June 13, 2018 (KHARTOUM) - The price of the US dollar has increased on the black market in Khartoum on Tuesday, settling at 39,2 Sudanese pounds (SDG).

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

Traders speaking to Sudan Tribune Wednesday in central Khartoum said selling price of the US dollar settled at 39,2 pounds while purchase price reached 39,0 pounds compared to 38,0 at the beginning of this week.

They pointed out that the increase in the dollar price may be attributed to the decision of the Central Bank of Sudan (CBoS) to issue a new 50-pound banknote.

Last week, the CBoS issued a new banknote saying the spread of counterfeit 50-pound banknotes has caused an increase in liquidity, pushing up inflation.

According to the traders, the demand for dollar increased as speculation has mounted that the CBoS move aims to further limiting withdrawal of cash from the banks.

In February, the government introduced a number of measures to curb the rise in dollar price including limiting cash withdrawal from banks to absorb liquidity, cracking down on black market Forex traders and restricting imports.

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

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 foreign reserves cover approximately one and a half 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.

Comment on this article



The following ads are provided by Google. SudanTribune has no authority on it.



Sudan Tribune

Promote your Page too

Latest Comments & Analysis


The influence of facetious leaders in South Sudan 2018-12-03 18:44:28 By Daniel Abushery Daniel It's like that old saying, "Everybody's talking about the weather, but nobody ever does anything about it:" Public consultation is essential and healthy where there are (...)

Will Khartoum peace agreement bring reform or maintain tyranny? 2018-12-01 05:41:01 By Duop Chak Wuol Known for operating with a vicious precision, his trademark is ruthlessness, and how he manoeuvres his political rivals is irrefutably effective. Salva Kiir, the man in (...)

US-Sudanese relations: moths to the fire 2018-11-25 11:07:23 By Muhammad Osman & Magdi el Gizouli The rapprochement between Sudan and the U.S. progresses with the pace of an anxious flirtation. Less than two years since it began in 2015, that (...)


MORE






Latest Press Releases


Progress observed at end of second month of R-ARCSS implementation 2018-10-22 06:44:02 Press Release 21 October 2018 South Sudanese government released 24 detainees in the implementation of the revitalized peace agreement said the International Committee of the Red Cross (ICRC) (...)

4th Annual Tony Elumelu Foundation Entrepreneurship Forum Announced for 25th October 2018 2018-10-15 12:38:14 PRESS RELEASE OCTOBER 14, 2018 Africa’s leading entrepreneurship-focused philanthropic organisation, the Tony Elumelu Foundation (TEF), has announced October 25, 2018, as the date for its (...)

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 (...)


MORE

Copyright © 2003-2018 SudanTribune - All rights reserved.