U.S. dollar hits record high against Sudanese pound

January 29, 2018 (KHARTOUM) – The Sudanese pound on Monday has hit another historic low against the US dollar on the black market despite strict security measures put in place by the government since last November.

A trader in Khartoum told Sudan Tribune that the purchase price of the U.S. dollar reached 36,5 Sudanese pounds while the selling price settled at 37,00 compared to 34,5 and 35,00 on Sunday.

He added the dollar price continued to increase by one to two pounds daily since the beginning of this month, blaming the decline of the pound price on the government policies.

The same trader disclosed security crackdown on illicit exchange offices that transfer money to the Gulf States, expecting the dollar price to continue to rise and reach 40 pounds next week.

He said the Central Bank of Sudan (CBoS) doesn’t have enough foreign reserves to inject it into the commercial banks.

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

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)