U.S. dollar price continues to rise against Sudanese pound

April 2, 2018 (KHARTOUM) – The price of the US dollar has increased on the black market in Khartoum on Monday, settling at 34.00 Sudanese pounds despite the strict security measures put in place by the government.

Following an unprecedented increase in dollar price, the Sudanese authorities in November 2017 introduced new measures allowing for10-year prison term for anyone caught trading on foreign currency outside the banking system or approved institutions.

In February, the dollar price hit an all-time high on the black market as the Sudanese pound (SDG) declined to 42.00 per dollar. However, the dollar price declined after the crackdown on the Forex traders and stood at 32.00 for several weeks.

Money traders in Khartoum told Sudan Tribune that the increase in the dollar price was due to high demand caused by the travel of thousands of Sudanese abroad to perform Umra (little pilgrimage) and spend the summer vacation.

The Sudanese pound has lost more than 100% of its value since South Sudan’s secession in 2011, pushing inflation rates to record levels given that the East African nation imports most of its food.

The most recent International Monetary Fund (IMF) report indicated that Sudan’s gross international reserves remained very low in 2017 ($1.1 billion, 1¾ months of imports).

(ST)