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.
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.”
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.
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.
is represented in reviewing the policies of the Central
Bank of Sudan with regard to the purchasing of gold,” he
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
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.
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.
separation has also negatively affected the state budget
which dropped to around 50 percent, causing a huge