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Sudanese pound falls lower on no-prospect of removal from terror list

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)
October 7, 2019 (KHARTOUM) - The Sudanese pound’s exchange rate hit a new low against foreign currencies on Sunday after some respite over the past weeks, after U.S. refusal to delist Sudan from terror blacklist

The USD selling price jumped to 71.5 pounds and the purchase to 70.5 compared to 69 pounds to sell and 68 pounds to buy during the past week. Also, the Saudi riyal reached 18.75 pounds and the UAE dirham jumped to 19 pounds.

During the past weeks, Dollar selling prices by bank checks corresponded to cash sales due to the availability of cash in banks and ATMs, prompting many operators to provide liquidity to banks.

Traders in the parallel (black) market who spoke to Sudan Tribune attributed the rise in foreign exchange prices to weak supply in the market against rising demand. Also, they pointed to the government inability to provide foreign currencies for import purposes so far.

“Major traders have lowered currency rates over the past few days because they expect concrete changes to follow Prime Minister Abdallah Hamdok’s visit to New York and Paris,” a trader said.

"But that did not happen and the demand for foreign exchange increased," he stressed.

During a recent visit to New York, Hamdok called for his country removal from the list of state sponsors of terrorism but US officials dashed his hope for quick removal from the blacklist.