Sudanese pound hits new record low vs dollar
March 4, 2020 (KHARTOUM) – Sudanese pound extended losses on Wednesday hitting fresh record lows against the dollar.
According to the parallel market traders, the dollar rose to 117 pounds for the first time in Sudan’s history.
The huge dollar’s rise against the pound created frustration among traders, especially those working in spare parts trading, and most of them decided to stop importing for fear of further losses.
The government’s failure to convince Washington to remove the country from the terror list discouraged investors and created uncertainties for those working in Sudan as they need for hard currency to deal with the international market.
Traders attributed the hike of the currency exchange rate to the continued increase of demand for hard currency day after day. Even they expected a further increase in the coming days.
One of the traders told Sudan Tribune that traders are reluctant to sell dollars as the parallel market is witnessing a fluctuation in the prices of foreign currencies.
The Central Bank of Sudan recently has taken several measures to limit demand for foreign currency and thus exert control on the pound exchange rate.
The Central Bank of Sudan recently has taken several measures to limit demand for foreign currency and thus exert control on the pound exchange rate.
Among these measures, the ban on financing the purchase of goods from abroad including small vehicles. only exempted cars of 25 passengers.
Also, it agreed with gold exportation companies to use their income of hard currency to import some basic commodities and fuel and to repay them in Sudanese pound.
(ST)