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Sudanese pound registers unprecedented decline against U.S. dollar

Xinhua, July 27, 2016 Adjust font size:

The Sudanese pound on Tuesday sharply declined against the U.S. dollar, with exchange price of a dollar reaching 14.5 Sudanese pounds, according to currency dealers.

"The exchange rate of one U.S. dollar reached 14.5 pounds, the lowest rate which has been registered by the pound so far," dealers in foreign currencies at the parallel market told Xinhua Tuesday.

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

The dealers expected the dollar price to hit 15 pounds within the coming two days.

The Sudanese pound has been declining in an unprecedented manner since the secession of South Sudan in 2011, which caused the country to lose 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