U.S. dollar inches up against Sudanese pound on black market

February 19, 2017 (KHARTOUM) – The exchange rate of the U.S. dollar on Sunday went up to 17,7 Sudanese pound (SDG) on the black market in Khartoum after a temporary decline since late January.

Last November, Central Bank of Sudan (CBoS) introduced an incentive policy, increasing the exchange rate in commercial banks by 131%. As a result, the U.S. dollar exchange rate went up in banks to 15.8 SDG from the official rate of 6.5 SDG.

Following the CBoS decision, the dollar price went up and settled at 19,4 pounds on the black market.

However, the dollar price declined to 15,00 pounds in January following Washington’s decision to ease two-decade economic sanctions imposed on the east African nations.

Traders in Khartoum told Sudan Tribune that the dollar price reached 17,500 pounds on Sunday, expecting the price to settle at 18,00 pounds by the end of the week.

It is noteworthy that Sudan’s Finance Minister Badr al-Din Mahmoud had earlier said they are developing a comprehensive plan to review the foreign exchange policy in light of Washington’s decision to ease sanctions.

(ST)