Sudanese pound sharply declines against US dollar

GMT 02:30 2016 Wednesday ,13 April

Arab Today, arab today Sudanese pound sharply declines against US dollar

Sudanese pound and US dollar
Khartoum - XINHUA

The Sudanese pound on Tuesday sharply declined against the U.S. dollar, with exchange price of a dollar hitting 13 Sudanese pounds (SDGs), according to currency dealers in the parallel market.

The official price of the dollar, set by the Central Bank of Sudan, is 6.6 Sudanese pounds.

"The sale price of the dollar reached 13 SDGs on Tuesday and the purchase price 13.5 SDGs," dealers in foreign exchange market told Xinhua.

The dealers expected the dollar price to hit 15 Sudanese pounds during the coming months due to what they termed "speculation by the traders controlling the foreign exchange market."

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.

The Sudanese government has adopted a package of economic measures to revive the economy, including an increase in oil prices, but it has not prevented the Sudanese pound from declining.

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