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Sudanese Pound drops sharply against US Dollar: SDG13

April 12 - 2016 KHARTOUM
A man is changing money at a forex office in Khartoum (file photo)
A man is changing money at a forex office in Khartoum (file photo)

A supply and demand deficit has seen the Sudanese pound suffer a sudden drop against the US Dollar, which amounted to SDG13 in the parallel market in Khartoum today.

The price of a US Dollar rose surprisingly during the past two days, after gravitating around SDG12 to SDG12.3 this year.

Traders have attributed the rise to the growing demand in combination with the lack of supply of the dollar and other foreign currencies in Sudan in general.

A foreign currency dealer in Khartoum told Sudanese newspapers that he expects the decline to continue because the deficit in the Sudanese banks cannot fill the need of the sectors that are related to import.

The US Dollar rate on the black market has increased steadily for years owing to the scarcity of the currency. The Dollar, fixed by the Central Bank of Sudan at a rate of SDG6,0771, traded between SDG12.05-12.10 on the black market in Khartoum in mid-March, while the Saudi Riyal, officially rated at SDG1,6212, sold for between SDG3.15-3.20.

The Sudanese Central Bureau of Statistics has reported that the inflation rate in February increased to 12.94 percent, compared to 12.4 percent in January, owing to an increase in the prices of basic consumer goods.

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