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Sudan Minister announces 'unprecedented wage hike'

March 4 - 2020 KHARTOUM
Minister of Industry and Trade Madani Abbas (SUNA)
Minister of Industry and Trade Madani Abbas (SUNA)

Sudan's Minister of Trade and Industry Madani Abbas announced in a press statement yesterday that there will be “important and unprecedented increases” of salaries in Sudan on April 20. The exchange rate for US Dollars at the parallel market continues to rise.

Minister Abbas explained that the Council of Ministers approved the recommendations of the report of the National Wages Task Force.

The minister also announced that the government will invest in health care, education, infrastructure and electricity. Jobs will be created and working conditions will be improved.

The exchange rate for US Dollars at the parallel market jumped to SDG 113 (selling) and SDG 111.5 (buying). Last week, traders asked SDG 107 for a US Dollar. The official exchange rate of the Central Bank of Sudan is SDG 55.14 for $1. The exchange rate for selling one Euro at the black market now is SDG 120.

Traders attributed the rise to the scarcity of - and therefore high demand for - foreign currencies. They say that both traders and ordinary citizens wish to keep their savings in foreign currencies or real estate, as the value of the Sudanese Pound continues to fall.

The traders expect the exchange rate for foreign currencies to keep on rising.

 


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