Home | News    Wednesday 13 November 2013

Sudan central bank says devaluation was in effect prior to November


November 12, 2013 (KHARTOUM) - Sudan’s central bank on Tuesday issued a statement denying a report carried by Reuters yesterday stating that the pound has been devalued by 22.6% against the US dollar.

Central Bank of Sudan (CBoS) ( Photo Reuters)

Bidding prices for the pound were stated as 5.6871 for one dollar, compared with 4.4 previously, central bank data on Reuters terminals showed on Monday. Ask prices were 5.7155. In 2011, the official rate was around 3.

A central bank official, asking not to be named, told Reuters the rate had been already changed in September when the government cut fuel subsides. He did not elaborate.

But the spokesman for the Central Bank of Sudan (CBoS) Azhari al-Tayeb al-Faki that what Reuters reported is "baseless" and that these rates were in place prior to the subsidies cut.

Al-Faki noted that the official exchange rates are regularly updated on CBoS website.

A research made by Sudan Tribune showed the official exchange rate to have held since January 2013 at 4.4 pounds to the dollar up until September 25 when it changed to around 5.7.

On September 23rd, the Sudanese cabinet formally endorsed the cut in fuel subsidies by which prices of gasoline and diesel were increased by almost 100%.

State media said at the time that the cabinet also raised the US dollar exchange rate for importing purposes only to 5.7 pounds.

The Sudanese pound lost more than half its value against the US dollar in the black market since the secession of the oil-rich south in July 2011. At one point it reached 8.2 pounds to the dollar in last September compared to the official rate of 4.4.

The CBoS refuses to disclose the amount of Forex reserves it holds but a report released by the International Monetary Fund (IMF) shows it having $1.6 billion in 2013 which covers only 2 months of imports compared to $1.7 billion in 2012.

An IMF online survey published in 2011 argues that that a country must hold Forex reserves that cover 3 months of imports at a minimum.

The low level of reserves means that the government has little leverage to intervene in the market to bring down the exchange rate and cut demand in the black market.

In May of last year, CBoS allowed government-licensed Forex bureaus to determine their own rates in buying and selling currencies but within a certain range in an effort to curb the flourishing black market.

The devaluation means that Sudan will pay more to import food which is vital to plug the deficiency in local food production. It also hurt businessmen and foreign companies that desperately seek to repatriate profits abroad.

This week, Zain, Kuwait’s No. 1 telecom operator, said that its Sudan unit saw a plunge in profit for the third quarter which it blamed on foreign exchange fluctuation.


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.
  • 13 November 2013 08:14, by Logic

    Economic collapse is imminent under a fascist regime that has no grasp of sound fiscal policies.

    repondre message

    • 13 November 2013 08:52, by Mayom County Boy

      who care about that currences exchange dollars rates only those who have more money are benefiting on that order .

      repondre message

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

South Sudan is still crying 9 year after independence 2020-07-09 11:49:31 By Nhial Gatkuoth Chung South Sudanese in 2011 overwhelmingly voted to have their independent state called the Republic of South Sudan, there were huge hopes that independence would bring peace (...)

Nertiti sit-in clearly indicates the continued presence of former regime in Darfur 2020-07-09 10:18:22 The sit-in at Nertiti locality in Central Darfur State is based on citizenship rights to live in Freedom, peace and justice the slogans of the glorious December Revolution By Mahmoud A. (...)

In memory of Kerbino Wol 2020-06-29 08:17:47 By Robert Portada On 5 June 2020, Kerbino Wol announced that he was standing in solidarity with fellow citizens deep in the sacred land of South Sudan and launching the official manifesto of the (...)


Latest Press Releases

S. Korea supports UN communities building resilience project in Sudan’s Blue Nile 2019-09-09 09:26:41 UNDP Sudan September 5, 2019 (KHARTOUM) - An agreement was signed on 5th of September between the Korean Ambassador, His Excellency. Lee Ki-Seong and Dr. Selva Ramachandran, Resident (...)

Sudanese lawyers and Human rights defenders back calls for civil rule 2019-04-26 10:22:06 Press statement by 55 Sudanese lawyers and Human rights defenders on Sudan Sit-in and Peaceful Protest Khartoum -24/04/2019 We, the undersigned (55) Sudanese lawyers and human rights defenders, (...)

South Sudan’s Lafon youth condemn killings of civilians by Pari community 2019-04-03 21:54:29 Press Statement on the Fighting between Pari/ Pacidi and Lotuko/Lokiri on 24/3/2019 Release by The Lafon County Youth Union: We, the Lafon County Youth Union hereby condemn the atrocities and (...)


Copyright © 2003-2020 SudanTribune - All rights reserved.