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Sudanese Pound drops further against US Dollar

August 24 - 2016 KHARTOUM
File photo: A forex office in Khartoum
File photo: A forex office in Khartoum

The US Dollar has recorded an 'unprecedented' rise against the Sudanese Pound, reaching SDG16.22 against the greenback in the markets of Khartoum on Tuesday.

Economist Dr Sidgi Kabello told Radio Dabanga that the main reason for the increase in Dollar prices was the Sudanese trade imbalance which amounted to $4.5 billion last year.

Kabello predicted that the Dollar will continue to rise against the Sudanese pound because of the continued high inflation rates that will reach 30% by the end of August. “This is due to government policies, lack of interest in sectors of agricultural production, along with the continuation of the war and wasted chances for peace that lead to a waste of hard currency.”

He said that the crisis cannot be resolved under the current government as “it reflects the interests of parasitic capitalism”.

He pointed in this regard to the government's dependence on exporting livestock without taking the lack of female livestock into account, as well as the focus on trade and lack of interest in the production sector.

He said experts have presented proposals to control the currency market abroad by not allowing the import of luxury goods and food and focus on wheat, oil and gas.

He stressed that the government has not paid any heed to their suggestions, pointing that the application of these proposals submitted will lead to a halving of the trade deficit.

The Sudanese Workers' Trade Union Federation demanded higher wages because of salaries that are inadequate to meet the minimum living standard. In a statement, the Union demanded an increase in salaries “that suffice for only ten per cent of the cost of living in the country”.

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