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Sudan to stabilize currency against U.S. dollar

Xinhua, May 22, 2016 Adjust font size:

Sudan is planning to adopt a package of measures within two weeks to stop the rise in the exchange price of the U.S. dollar against its currency, Sudanese Media Center reported Saturday.

"The government is exerting great efforts to cope with the economic crisis caused by the economic siege," Ahmed Bilal Osman, Sudan's Information Minister and government spokesman, was quoted as saying.

"We have many measures to improve the conditions in the country, namely with regard to the exchange prices," he noted.

Foreign currency markets in Sudan have recently witnessed unprecedented rise in the foreign currency exchange prices against the Sudanese pound (SDG).

The exchange price of one U.S. dollar amounted to 13.7 SDGs in the parallel market compared to the official price set at 6.6 SDGs.

The dealers in foreign exchange markets expected the dollar price to continue rising in the coming months due to what they termed as "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. Endit