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Sudanese pound falls amid budget impasse

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January 4, 2021 (KHARTOUM) - The Sudanese pound fell on Monday against major currencies as political deadlock continued over the 2021 budget.

U.S. dollar notes (Reuters/Athit Perawongmetha Photo)

Traders told Sudan Tribune that the dollar was sold at 267 pounds while the Saudi riyal was traded at 71 pounds and the Emirati dirham at 72 pounds. The Euro was sold at 225 pounds.

The dealers attributed the decline in the pound’s exchange rate to an increase in demand for hard currency in addition to the lack of clarity regarding the 2021 budget.

Sharp disagreements have emerged over allocations in the 2021 budget to the security and defense sector compared to the health and education.

The Finance Ministry announced that the Sudanese council of ministers will consider the budget on Tuesday, provided that it is deposited for final approval by January 10th.

Another trader in the black market, who spoke anonymously, told Sudan Tribune: "There is an increase in the demand for hard currency for the purposes of importing goods and fuel."

He pointed out that many companies are waiting for the 2021 budget to be approved to find out what policies it will adopt pertaining to the exchange rate.

The transitional government is banking on obtaining loans that would help support the Sudanese pound’s exchange rate.

(ST)

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