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Sudanese pound continues to plunge against U.S. dollar

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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).

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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)

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The Sudan Tribune editorial team.

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