Sudanese pound falls sharply against dollar on black market

The Sudanese pound has weakened considerably on the parallel market in recent days, currency traders said on Friday.

The Sudanese pound has weakened considerably on the parallel market in recent days, currency traders said on Friday.

The cost of a dollar on the parallel market rose to 17 Sudanese pounds, while bank customers complained that they couldn’t withdraw US dollars from their accounts as Sudan’s central bank reduced commercial bank’s shares of foreign currency.

Dr. Essam el-Din Abdel-Wahab Bob, an economic analyst, attributed the rise in the US dollar to wars and political unrest in the country.

Bob called upon the national government to invent new economic policies in line with the current economic situation, saying rising imports must be limited in an attempt to increase the country’s foreign currency reserves.

The analyst pointed out that there should be a favourable environment for investment and attraction of remittances and savings of expatriates. He emphasised the need to take action and strict measures to curb the smuggling of gold and gum Arabic to neighbouring countries.

Prices soared in Sudan after South Sudan separated in July 2011, taking with it three-quarters of the country’s oil output, the main source of hard currency used to support the Sudanese pound and to pay for imports.