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Sudanese pound posts modest gains on reduced demand

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December 6, 2020 (KHARTOUM) - A decline in demand at the currency black market in Sudan helped give the pound a small boost against a basket of major currencies, traders told Sudan Tribune.

People count their money after receiving the new Sudanese currency at a branch of the Central Bank of Sudan in Khartoum July 24, 2011 (Reuters)

The traders said that one dollar was sold at 268 pounds versus 269- 270 last week. The selling price of the Saudi riyal was recorded at 71 pounds, Emirati dirham at 72 pounds while the euro sold at 315 pounds.

The improvement was attributed to relatively larger FOREX supply coupled with weakened demand driven by deterioration in economic situations which led to a decline in imports.

One of the merchants told the Sudan Tribune that one of the driving factors are containers that are piling up in Port Sudan due to logistical issues which depressed import demand.

Last month the exchange rate witnessed a steep decline due to an anticipation of a national lockdown over spike in COVID-19 cases.

The forex situation is frustrating government efforts to contain inflation which has routinely exceeded three digits.

(ST)

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Kind regards,

The Sudan Tribune editorial team.


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