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US dollar price continues to rise against Sudanese pound


October 5, 2015 (KHARTOUM) - The price of the US dollar has witnessed significant increase in the black market in Khartoum on Monday, settling at 10,10 Sudanese pounds (SDG).

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A view of a the new 2009 series $100 bill in Washington, on 4 October 2015 (Photo AFP/Brendan Smialowski)

Sudan’s economy was hit hard since the southern part of the country declared independence in July 2011, taking with it about 75% of the country’s oil output.

The Sudanese pound has 100% of its value since South Sudan’s secession, pushing inflation rates to record levels given that the East African nation imports most of its food.
The official dollar exchange rate stated by the Central Bank of Sudan (CBoS) is around 6.1 SDG.

On the sidelines of the consolidated treasury conference on Sunday, CBoS governor, Abdel-Rahman Hassan, declined to respond to questions posed by reporters regarding the significant deterioration in the value of the Sudanese pound against the US dollar.

On the other hand, traders speaking to Sudan Tribune in central Khartoum attributed the increase to dollar scarcity and growing demand in the Sudanese market, projecting a further rise in the dollar price during the coming days.

A government official who asked for anonymity blamed the steady increase of the dollar price against the Sudanese pound on the decline of the oil transit fees coming from South Sudan due to the global fall in oil prices.

Businessmen said that the market is directly affected by the exchange rate with rising price of commodities whether imported or domestic. They complained that high prices mean recession and snag in already low consumer demand.

Importers warned that the rise in dollar price could eventually stop importation, saying this would lead to goods scarcity and more increase in commodity prices.

Sudanese economists stress that the government is the largest buyer of the dollar from the black market including the central bank and other government institutions.

"The government has lost most of the resources which provide hard currency. Their dependence on gold does not cover even 30% of the [import] needs such as gasoline, wheat and drugs" one of them said.

They doubt that the government uses its Forex resources to increase the foreign reserves, pointing that optimal allocation of the dollar should have lowered its price in the black market.

The head of the chamber of food industries, Abdel-Rahman Abas, has described the situation in the market as “bad”, pointing to the weak purchasing power and prohibitively high prices due to the high price of dollar.

He told Sudan Tribune that the dollar price reached 10,25 urging the government to interfere to curb the continuous rise in the dollar price.

Abas attributed the increase in the dollar price to what he described as the loose government spending.

“If the state really seeks to address the situation, it must reduce the government spending by 25% besides giving all the power to the ministry of commerce which has a proven record of providing goods, controlling prices and rationalizing imports,” he added .

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  • 6 October 2015 07:23, by Son of Ngundeng

    Good news.

    Son of Ngondeng
    currently in front
    line Pathay Jonglei

    repondre message

  • 7 October 2015 08:18, by Jalaby

    So our economy in the north was hit hard because of the south separation?! so what? we are not repent the separation and not regret it at all and let the south go to heal with its 75% of oil because we amputated the sick and carcinogen part of our body, it is painful but it’s the only cure and better off, we are really happy without you and your bloody oil!

    repondre message

    • 7 October 2015 08:28, by Jalaby

      Did the independence achieved your goals and wishes? where is your country that you had been fighting for? you really have no country at all but big jungle and its gunpowder could be smelled everywhere!
      You don’t have a country and won’t have it because you don’t have the basic needs for establishing a country moreover, you’re not one but deeply different from inside!

      repondre message

      • 7 October 2015 08:35, by Jalaby

        Yes, we have some difficulties in our economy but we managed to pass the difficult days after the south separation since the south oil was a big figure in our economy but not anymore, we managed to increase our oil in the north and reached to 120k barrel per day, we signed an agreement with Russia to convert our gas in Dender area to liquid oil,

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        • 7 October 2015 08:42, by Jalaby

          yesterday we celebrated digging our first oil well in Rawat area near Kosti city, we managed to increase significantly the capacity of Rowsiris dam and we are about to finish our new dam in Atbara and Setate, everyday we launch new big project, so what you guys did since you got your holy independence other than fighting and burning the south?

          repondre message

          • 7 October 2015 09:00, by Jalaby

            The south was producing 350k barrel per day when separated in 2011 (you have to thank us guys because we are the reason for your oil),how many barrel per day the south is producing now? less than half of that amount?
            Well,you pay us $25 per each barrel you export through our pipeline and sea and that close to 50/50 division before separation so we got our money back!

            repondre message

            • 7 October 2015 09:09, by Jalaby

              Well, southerners are back to north again because they’re fleeing the ugly war that they ignited it by their own hands at their homes, most of the northerners people are wondering now: why Jonobean are back to our country again while they chose not to be with us and hate us? we don’t need them or their unity anymore!

              repondre message

              • 7 October 2015 09:17, by Jalaby

                Before separation, Jonobean were ruling the whole south and shared ruling the north by one third, no one was able to talk to them in Khartoum and never respect northerners, they were simply trouble makers but now they became very polite people with their eyes down to earth because they’re foreigners!

                Jalaby Abo Jalabia

                repondre message

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