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U.S. dollar hits record high against Sudanese pound

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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.

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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)

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