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Sudanese Pound hits new low amid economic uncertainty

October 22 - 2019 KHARTOUM
Informal currency traders in Khartoum (File photo)
Informal currency traders in Khartoum (File photo)

The Sudanese Pound (SDG) has hit new lows against major international currencies as uncertainty in the ailing Sudan economy persists.

On Monday, the buying rate for the US Dollar on the streets of Khartoum was a record SDG 74, with the greenback selling for SDG 75.

According to currency dealers, on Monday, the Euro (EUR) was trading at SDG81 to buy and SDG83 for sale. The UK Pound Sterling (GBP) was bought for SDG88 and sold for SDG 90. The Saudi Riyal (SAR) traded between SDG 19.80 and SDG 20, while the Egyptian Pound (EGP) fetched SDG 4,500 for sale and cost SDG 5,000 to buy.

Traders attributed this rise to the increasing demand against the tight supply; however, banking analyst Mohamed Abushora attributed the rise in foreign exchange rates to the lack of improvement in the economic indicators in Sudan and the decline in exports.

Sudan’ Minister of Finance and Economic Planning, Dr Ibrahim El Badawi, announced last month that efforts are being exerted to lift the economic sanctions on Sudan and the intensive contacts made by the Prime Minister through his participation in the annual meetings of the IMF and the World Bank. He also announced that efforts are being made to retrieve stolen Sudanese funds illegally siphoned abroad.

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