Off the wire
• S. Sudan to officially join EAC on Friday  • U.S. economy to benefit from record Chinese investment: report  • Aspirin helps prevent heart disease, cancer in some adults: U.S. panel  • U.S. dollar rises against yen amid oil rebound  • Security forces win more ground from IS in Iraq's Anbar  • Thai Deputy PM says constitutional referendum bill forwarded to king  • 1st LD Writethru: Gold up despite rebound in U.S. dollar  • Spanish economy to grow by 2.6 pct in 2016: IMF  • Spanish stock market rises 0.57 pct, closes at 8,546 points  • Gold up despite rebound in U.S. dollar  
You are here: 　 Home

Sudanese pound sharply declines against U.S. dollar

Xinhua, April 13, 2016 Adjust font size:

The Sudanese pound on Tuesday sharply declined against the U.S. dollar, with exchange price of a dollar hitting 13 Sudanese pounds (SDGs), according to currency dealers in the parallel market.

The official price of the dollar, set by the Central Bank of Sudan, is 6.6 Sudanese pounds.

"The sale price of the dollar reached 13 SDGs on Tuesday and the purchase price 13.5 SDGs," dealers in foreign exchange market told Xinhua.

The dealers expected the dollar price to hit 15 Sudanese pounds during the coming months due to what they termed "speculation by the traders controlling the foreign exchange market."

The secession of South Sudan in 2011 has badly affected the Sudanese economy as the country lost around 70 percent of its oil revenues, creating a big gap in the foreign exchange market and the exchange rate.

The separation has also negatively affected the state budget which dropped to around 50 percent, causing a huge budget deficit.

The Sudanese government has adopted a package of economic measures to revive the economy, including an increase in oil prices, but it has not prevented the Sudanese pound from declining. Endit