Sudanese pound appreciates against US dollar
August 27, 2010 (RENK) — The Sudanese pound has been showing signs of appreciation against major currencies this week after it dropped a month ago.
The recovery will restore confidence from local business men who are involved in international trade through imports or exports and the recovery may revamp investors in the whole country.
During the past weeks, shows on Sudanese Televisions and sample interviews with senior government officials and business communities by Sudan Tribune indicate that Sudanese pound has drastically appreciated against the US dollar.
Commercial banks and exchange bureaus have showed a mixed trend against the currencies on selling the Sudanese pound at an average of 280 against the United States dollar, while the previous week the Sudanese pound traded at 2.43 against dollar.
In Juba, local exchange establishments are selling out Sudanese pound at an average of 290-compared to 250 in the previous weeks, while banks are not selling out any single dollar starting last week.
James Reech Wol, a Southern Student studying at Uganda’s Kampala International University, told Sudan Tribune from Juba that it has not been possible getting dollar in the banks. “It has not been possible getting even a single dollar since I started looking for it since last week. My school days are finished and yet I have not managed to get a change,” said Wol.
Mawien Dut, a business man who goes to Uganda and Kenya to buy goods said in a separate interview that the current behaviors of the Sudanese pound is not good for international business where most of the payments are being paid in dollars.
“When the dollar rises, it is for the benefit of those who are involved in exporting various items because they earn more than what they used to earn and it becomes more of a crisis to those importing,” he noted.
He said that the rising currencies comes to the expense of the consumer mostly ordinary Southern Sudanese because business persons don’t want to make losses and prefer to increasing prices for items.
Mr. Dut said that for those who are exporting various items and skills to east African and beyond, they are making huge profits because when they are paid in dollars, they immediately exchange the currency into Sudanese pounds at profitable price.
(ST)