Home | News    Sunday 2 September 2018

U.S. dollar surges against Sudanese pound

separation
increase
decrease
separation
separation

September 1, 2018 (KHARTOUM) Price of the U.S. dollar on Saturday has surged again on the black market settling at $41,00 Sudanese pounds following a short period of decline.

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

Last month, the dollar price hit an all-time high on the black market as the Sudanese pound declined to 47,00 per dollar. But the dollar slipped to 38,00 pounds ahead of Eid al-Adha holidays.

Traders speaking to Sudan Tribune Saturday in central Khartoum said the purchase price of the U.S. dollar settled at 41,00 pounds.

They pointed to short supply and high demand for the dollar, expecting dollar price to increase during the next period.

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.

In rare statements last July, Ministry of Finance and Economic Planning acknowledged an acute shortage of foreign exchange saying it has aggravated the economic crisis.

The State Minister of Finance Tarig Shalabi said his ministry would apply new measures to address the shortage in Forex including to cut import of non-essential goods.

He also called for controlling government expenditure and increase exports, calling for the need to reform government institutions in order to effectively manage the economy.

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.

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


Al-Bashir’s pickaxe underlies economic downfall in Sudan 2019-01-07 19:49:21 By Mahmoud A. Suleiman The destructive pickaxe of Omer Hassan Ahmed al-Bashir and his Corrupt Entourage for the three decades are responsible for the Economic Downfall in Sudan and Not due to (...)

The Sudanese Tsunami 2019-01-07 08:01:14 The Only Way Forward is for Bashir to Step Down and a New Interim Democratic Arrangement Put in Place By Yasir Arman On Sunday, 6th of January, Sudan has witnessed one of the biggest (...)

You don’t need a title to be a Leader in your country.! 2019-01-06 05:31:16 By Daniel Abushery Daniel Some critics said; the longer the title the less important the job. If that’s true, then there are many people around who're working behind the scène to bring changes, (...)


MORE






Latest Press Releases


Ethnic Murle politicians say enough to cattle raiding 2018-12-28 09:32:00 December 27, 2018 (JUBA) - Murle political leaders in Buma state have vowed to end the practice of cattle raiding and child abduction by individuals in the community. Jodi Jonglei, who is also (...)

CEPO: South Sudan Opposition Alliance (SSOA): Stop politics of split and focus on R-ARCSS implementation 2018-12-26 09:53:29 26th December, 2018. South Sudan Opposition Alliance internal leadership change frication is disturbing and demoralizing public opinion. The big question CEPO is raising, will SSOA be a strong (...)

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) (...)


MORE

Copyright © 2003-2019 SudanTribune - All rights reserved.