Sudanese pound slides lower against the US dollar
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March 24, 2014 (KHARTOUM) - The exchange rate of the US dollar against
the Sudanese pound (SDG) in the black market inched higher over
concerns related to foreign banks boycott revealed this month, traders
said.
JPEG - 23.4 kb
A worker counts US dollar bills inside a money changer in the Sudanese
capital, Khartoum (Photo: Reuters)
One US dollar was selling for 8.5 SDG on Monday compared to 8.2 at the
end of February.
A black market trader told Sudan Tribune that the price of the dollar
went up due to high demand and low supply.
He also mentioned reports that Saudi Arabian and some European bank
suspended their dealings with Sudan as of the February 28th as a
factor.
The pound also weakened against the UAE Dirham and the Saudi Riyal.
The secession of the oil-rich south, denied Khartoum access to 75% of
oil reserves that existed when the country was united. This has
created a fiscal shock as a result of curtailment in national income
and also increased prices of basic commodities that are mostly
imported using shrinking Forex reserves.
(ST)
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