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New US Dollar rate nearly hits 50 Sudan Pounds

July 20 - 2018 KHARTOUM
A man is changing money at an forex office in Khartoum (file photo)
A man is changing money at an forex office in Khartoum (file photo)

The US Dollar exchange price rose again and now amounts to 46 Sudan Pound in the parallel markets of Khartoum, from 44 Pound on July 11.

Hamid Eltigani, professor at the American University in Cairo, said in an interview with Radio Dabanga that the rise of the exchange rate can be attributed to the increasedd demand. “The Dollar is no longer a means of exchange but a means of savings money.”

He predicted that the Dollar will rise to SDG100 by the end of 2018.

The country's inflation rate rose to 63.86 percent in June in comparison to 60.93 percent in May. The inflation increase follows the average price hikes of 57.65 per cent in April.

According to a report issued by the Central Bureau of Statistics yesterday attributed the reason to the rise of clothing and footwear because of the occasion of Eid El Fitr and the beginning of the new school year.

Inflation

Last week, the sale price of the greenback rose to SDG 44 for foreign transactions in the Gulf and to SDG 41.50 at home. In the past months, the country has experienced a shortage of liquidity and foreign currency, which has resulted in the automatic shutdown of ATMs.

Ibrahim Ahmed Onur, professor of economics and finance at the School of Administrative Sciences at the University of Khartoum, said that six banks in the country – which he did not name – currently face the risk of bankruptcy.

Holding a lecture in the capital city, Onur called on the Central Bank to implement its policies away from the grip of the Ministry of Finance and other government agencies. “Its director should be an independent person who is not politically affiliated with the government or the opposition […] as well as demanding the removal of regional and political loyalty from the positions in the bank.”

E-payments

Meanwhile the government of Sudan announced plans to end cash payment for government services by the end of 2018 and make all payments electronical.

In an attempt to halt the plummeting Pound on the black market, the Sudanese government raised the customs rate of the US Dollar from SDG 6.7 to an indicative SDG 18 in early January.

The prices of basic commodities immediately doubled and in some cases tripled. The measure also led to the halting of incoming and outgoing traffic at the Port Sudan harbour, as suppliers refused to have their goods cleared. The Dollar rate however, continued its rise.


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