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Economist slams Bank of Sudan exchange rates

May 19 - 2016 KHARTOUM
File photo
File photo

A Sudanese economic analyst has denounced the justification by the Central Bank of Sudan for raising foreign exchange rates against the US Dollar “because of the increase in passenger numbers of Sudanese and foreigners abroad”.

In an interview with Radio Dabanga on Wednesday, Hafez Ismail attributed foreign currency shortages in Sudan and the rise of the US Dollar exchange rates against the Sudanese Pound to a lack of exports and rising imports.

“Sudanese traders and businessmen resort to the parallel market to get the foreign currency needed for imports,” he says.

Ismail expressed surprise that the government put gold and oil in the list of exports in their budget: “Sudan’s oil is not sufficient to cover domestic needs, and the government imports petroleum derivatives,” he pointed out.

The Central Bank of Sudan currently quotes the US Dollar at SDG6.0771 and the Euro at SDG6.8179.

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