Home | News    Thursday 12 January 2012

Sudan cuts hard currency carried by travelers to Ethiopia, Egypt and Eritrea by 50%

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January 11, 2012 (KHARTOUM) – The union of foreign exchange bureaus issued a decision further limiting the amount of hard currency Sudanese travelers can carry with them to Ethiopia, Egypt and Eritrea.

The pro-government al-Rayaam newspaper said that effective immediately the amount travelers to these countries can purchase is now down to $500 from $1,000.

This decision was attributed to the practices of some brokers who regularly send off travelers to these countries to make use of the difference between the official exchange rate and black market one.

Since South Sudan formally became an independent state last July, Sudan has lost its main foreign currency source causing a sharp drop in the exchange rate of the pound against the major currencies and particularly the U.S. dollar.

As a result, the black market has flourished greatly despite government threats of severe penalties for those trading in hard currency outside the official channels.

Many people complain that on top of the many restrictions imposed on buying hard currency, it is very common for forex bureaus and banks to say that they do not have enough foreign currency in supply to sell.

The central bank pledged last month to bridge the gap between the official exchange rate and the one on the black market to ensure stability. Many analysts say that they expect the government to devalue the pound.

Sudan is hoping that agricultural, livestock and gold exports will become a new source of revenue and hard currency.

(ST)

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  • 12 January 2012 09:36, by ONEK-JAH

    That is right, any thing which rise up must come down due to the force of gravity, Khartoum was swimming in the sea of oil dollors now it is time for them to taste for their greedy act against southerners. thing will never be the same in sudan again. sorry guys but feel the pain.

  • 12 January 2012 13:07, by abdullah

    They’re looting the oils of our brothers in neighboring South Sudan but all the Looting is not helping their situation, how sad,Economy in Sudan now falling down,so stealing oil will not save us northerners, we have to denounce the Dictatorial regimes behavior and fight for regime change and economic reforms,there is much corruption, we cannot allow Bashir and his thugs to keep robbing our county.

    • 13 January 2012 03:41, by Elijah B. Elkan

      Mr. abdullah,

      First you need to get rid of Bahsir, Turabi,and Mahdi, why because they are inbreed imbeciles idiots. These sub-human can not run a country, because they for go the south, and now Darfur, Blue Nile, Kordofan, and Easter Sudan are about to brake away from the north. These moron have killed millions of your citizens and they all should hang.



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