Home | News    Tuesday 6 November 2018

U.S. dollar hits record high against Sudanese pound

separation
increase
decrease
separation
separation

November 5, 2018 (KHARTOUM) - The U.S. dollar price on Monday hit an all-time high on the black market as the Sudanese pound declined to 58,00 per dollar.

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

Last month, the Central Bank of Sudan (CBoS), formed a body of bankers and exchange bureaus to set the official exchange rate on daily basis.

The move was part of a package of financial and monetary measures designed to tackle the deepening economic crisis in the east African nation.

The government body set the purchase price of the U.S. dollar at 47,00 Sudanese pounds while the selling price was put at 47,23 pounds.

However, traders speaking to Sudan Tribune Monday in central Khartoum said the purchase price of the U.S. dollar through cheques has reached 58,00 pounds while the cash purchase was 56,50 pounds.

It is noteworthy that due to the lack of liquidity in the banks, U.S. dollar carries two prices on the black market. The purchase price by cheques is usually higher than the cash price.

The same traders attributed the increase in dollar price to lack of liquidity in the banks besides the recent government decision to lift the ban on importation of Egyptian products.

They pointed out that the demand for the dollar has continued to increase despite the recent government measures, pointing to customers’ lack of trust in the banking system.

The most recent International Monetary Fund (IMF) report indicated that Sudan’s foreign reserves cover approximately one and a half months of imports.

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.

(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


South Sudan’s universities should explore other revenues 2019-03-17 20:33:06 By Ukongo Benson Athia Of recent, it transpired that the five public universities dons have advanced their cause to increase the tuition fees for the students. I have seen such complaints of (...)

Pressure from the people in Sudan 2019-03-17 10:55:35 The longer genuine political and economic reform is delayed in Sudan, the greater the risk of wider instability and deepening economic crisis. By Rosalind Marsden President Omar al-Bashir, who (...)

Sudan’s al-Bashir burnt the boats before crossing 2019-03-11 06:19:03 By Mahmoud a. Suleiman Second Military Coup D’état of Omer Bashir will Not Protect him from his inevitable fate at the hands of the uprising Sudanese people The angry uprising men, women and (...)


MORE






Latest Press Releases


Sudan Protests: Investigate the custodial death of three University students 2019-03-13 12:53:14 The African Centre for Justice and Peace Studies (ACJPS) Sudan Protests: Urgent call for investigations into the custodial death of three University students and alleged torture of detainees by (...)

The Alliance for Restoration of Sudanese Workers Trade Unions Joins the Declaration of Freedom and Change 2019-03-10 21:16:50 PRESS RELEASE For immediate release 10 th March 2019 The Alliance for Restoration of Sudanese Workers Trade Unions announced on Sunday 10th March that it was joining the revolutionary forces (...)

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 (...)


MORE

Copyright © 2003-2019 SudanTribune - All rights reserved.