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US dollar price reaches 40,5 Sudanese pounds on black market

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June 25, 2018 (KHARTOUM) The price of the US dollar has increased on the black market in Khartoum on Sunday, settling at 40,5 Sudanese pounds.

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U.S. Dollar bill

Traders speaking to Sudan Tribune Sunday in central Khartoum said selling price of the US dollar settled at 42 pounds while purchase price reached 40,5 pounds compared to 39,2 last week.

They attributed price rise to the scarce supply and the growing demand for the dollar, expecting the US dollar price to continue to rise during the next few days.

Following an unprecedented increase in dollar price, the Sudanese authorities in November 2017 introduced new measures allowing for10-year prison term for anyone caught trading on foreign currency outside the banking system or approved institutions.

In February, the dollar price hit an all-time high on the black market as the Sudanese pound (SDG) declined to 42.00 per dollar. However, the dollar price declined after the crackdown on the Forex traders and stood at 32.00 for several weeks.

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)

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The Sudan Tribune editorial team.

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