Home | News    Wednesday 14 July 2021

Sudanese pound continues climbing as black market falters


An employee of a money changer holds a stack of U.S. Dollar notes before giving it to a customer in Jakarta, October 8, 2015. (Reuters Photo)

July 13, 2021 (KHARTOUM) - The Sudanese pound continued on Tuesday to register gains against major currencies prompting panic among black market traders.

Traders who spoke to Sudan Tribune said that US dollar was sold at 450 pounds, Euro at 535 pounds, Saudi Riyal for 120 pounds and UAE Dirham for 121 pounds.

The improvement in the exchange rate reflected improved market supply relative to demand.

Sudan central bank has been regularly holding foreign currency auctions to feed commercial banks’ needs in a sign that its forex reserves are stabilizing.

The East African nation devalued its currency last February to bring it to par with the black market which was a key requirement by donors and international financial institutions.

But the move is believed to have contributed to soaring inflation rate coupled with lifting subsidies on fuel.

Khartoum has also sought to lobby regional and international banks to lift all restrictions on money transfers by Sudanese expatriates particularly after the US removed the country from the list of states that sponsor terrorism.

Furthermore, Sudan has secured the blessings of the International Monetary Fund (IMF) which announced last month that it has admitted Khartoum into the Highly Indebted Poor Countries (HIPC) initiative.

This announcement paves the way for substantial debt relief and new funds which is hoped to further improve the forex situation.

The Sudanese pound has climbed from 490 to the dollar to 440 over the last 3 weeks.

According to Dubai-based Sky News Arabia TV, small traders in the currency black market are struggling to maintain their business as trading volumes plunged.

The TV said some traders have gone as far as abandoning foreign currency business altogether.


Comments on the Sudan Tribune website must abide by the following rules. Contravention of these rules will lead to the user losing their Sudan Tribune account with immediate effect.

- No inciting violence
- No inappropriate or offensive language
- No racism, tribalism or sectarianism
- No inappropriate or derogatory remarks
- No deviation from the topic of the article
- No advertising, spamming or links
- No incomprehensible comments

Due to the unprecedented amount of racist and offensive language on the site, Sudan Tribune tries to vet all comments on the site.

There is now also a limit of 400 words per comment. If you want to express yourself in more detail than this allows, please e-mail your comment as an article to comment@sudantribune.com

Kind regards,

The Sudan Tribune editorial team.

The following ads are provided by Google. SudanTribune has no authority on it.

Sudan Tribune

Promote your Page too

Latest Comments & Analysis

Completion of 2nd GERD’s filling necessitates a shift in trilateral negotiations 2021-07-20 19:55:28 By A.Tesfaye Abera The completion of the second-year filling of the Great Ethiopian Renaissance Dam (GERD) instigates polarized views between Ethiopia, Sudan and Egypt. Mainly Egypt sees it as (...)

South Sudan legislators should be cautious about the oath they will take 2021-07-15 07:04:56 By Roger Alfred Yoron Modi It is a fact that the legislators of South Sudan’s incoming Reconstituted Transitional National Legislative Assembly (TNLA) are appointees of the parties to the (...)

What they said about Sudanese John Garang 2021-07-12 05:49:37 By Mahmoud A. Suleiman This article of a compilation of related topics comes against the backdrop of a number of issues relating to the Republic of South Sudan that was declared its inauguration (...)


Latest Press Releases

S. Korea supports UN communities building resilience project in Sudan’s Blue Nile 2019-09-09 09:26:41 UNDP Sudan September 5, 2019 (KHARTOUM) - An agreement was signed on 5th of September between the Korean Ambassador, His Excellency. Lee Ki-Seong and Dr. Selva Ramachandran, Resident (...)

Sudanese lawyers and Human rights defenders back calls for civil rule 2019-04-26 10:22:06 Press statement by 55 Sudanese lawyers and Human rights defenders on Sudan Sit-in and Peaceful Protest Khartoum -24/04/2019 We, the undersigned (55) Sudanese lawyers and human rights defenders, (...)

South Sudan’s Lafon youth condemn killings of civilians by Pari community 2019-04-03 21:54:29 Press Statement on the Fighting between Pari/ Pacidi and Lotuko/Lokiri on 24/3/2019 Release by The Lafon County Youth Union: We, the Lafon County Youth Union hereby condemn the atrocities and (...)


Copyright © 2003-2021 SudanTribune - All rights reserved.