Coastweek website



Sudan pound registers unprecedented
decline against foreign currencies      

KHARTOUM Sudan (Xinhua) -- The Sudanese pound has registered unprecedented decline against foreign currencies, with exchange price of a U.S. dollar amounting to 24.3 Sudanese pounds in parallel market Wednesday, according to currency dealers.

“There is a great demand for foreign currencies, namely the dollar, with great gap in supply,” a dealer in foreign currency told Xinhua on condition of anonymity.

“The dollar exchange price reached 24.3 Sudanese pounds for purchasing and 24.7 pounds for selling in the parallel market. We expect the price to hit 25 in the coming two days,” he noted.

He went on saying that “after the lifting of the U.S. sanctions on Sudan, big import companies tended to purchase foreign currencies from the parallel market after the banks failed to provide foreign currencies.”

In the meantime, Mohamed Al-Nayer, a lecturer of economics at Africa International University, speaking to Xinhua, warned against collapse of the national currency unless the government adopts urgent procedures.

“We have repeatedly advised the government to take two quick decisions. The first is to declare incentives for the Sudanese expatriates to attract around 8 billion dollars representing the total transfers of the Sudanese expatriates annually,” said Al-Nayer.

“The second is represented in reviewing the policies of the Central Bank of Sudan with regard to the purchasing of gold,” he added.

He further explained that the policy of the Bank of Sudan stands on committing the companies to sell 50 percent of their gold to the bank with a lesser price, pointing out the bank should either amend this price to encourage the companies or completely exit from the gold export process.

The U.S decision on Oct. 6, 2016 to lift the economic sanctions on Sudan has not changed the reality of the deteriorating Sudanese economy or reduced the exchange price of the national currency.

The secession of South Sudan in 2011 has badly affected the Sudanese economy as the country lost around 70 percent of its oil revenues, creating a big gap in the foreign exchange market and the exchange rate.

The separation has also negatively affected the state budget which dropped to around 50 percent, causing a huge budget deficit.


Remember: you read it first at coastweek.com !

Sarova Whitesands Hotel banner | Coastweek


TO ADVERTISE ON THIS WEB SITE:  www.coastweek.com
Please contact

MOMBASA - GULSHAN JIVRAJ, Mobile: 0722 775164 Tel: (+254) (41) 2230130 /
Wireless: 020 3549187 e-mail: info@coastweek.com

NAIROBI - ANJUM H. ASODIA, Mobile: 0733 775446 Tel: (+254) (020) 3744459
e-mail: anjum@asodia.co.ke

    © Coastweek Newspapers Limited               Tel: (+254) (41) 2230130  |  Wireless: 020 3549187  |  E-mail: info@coastweek.com