The Sudanese pound surprised its dealers in the parallel market with a significant decline in its value over the past few days, as the price of one dollar approached the barrier of 500 Sudanese pounds.
Yesterday, Sunday, the Sudanese currency fell to low levels in parallel (black) market trading against the US currency, despite signs of the monetary market’s stability, by opening transactions with the outside. Read also Sudan prepares for an investment conference in Paris with vital projects .. Are there promising prospects?The International Monetary Agency approves a financing plan to ease Sudan’s debt burden Hamdok: We will reach an exemption of 45 billion dollars in debt from Sudan at the end of June Sudan: The value of our agreements with Turkey is 10 billion dollars
The significant devaluation of the pound sparked anger and resentment of Sudanese activists after more than two months of stability since the government announced the pound’s float in February.
Activists attributed the reasons for this sudden collapse to the government’s failure to take decisive decisions regarding changing the local currency and fighting traffickers in foreign currencies, in addition to accusing it of protecting corruption due to failure to address gold smuggling and monitor companies owned by military institutions.
A number of Sudanese also renewed their demand for changing the local currency and amending some financial measures, while others demanded the departure of the government, which they said had failed to achieve the slogans of the revolution, and was preoccupied with partisan and personal gains, they said.
I dear big for the dollar
According to Anadolu Agency, a number of currency dealers in the parallel market in Sudan reported a continuous depreciation of the pound, during the past week and early this week, amid a high demand for dollars.
The exchange rate of the dollar in the parallel market reached 490 pounds yesterday, which is the lowest price ever, compared to 410 pounds in transactions early last week, according to traders.
The drop comes after a relative stability in the exchange rates of currencies within the local markets at an average of 380-390 pounds since the end of last February, after the decision to partially float the local currency.
Last February, the transitional government implemented a policy of partial floating of the pound to reduce the gap between the official and parallel rate.
And last week, the Central Bank announced the launch of the first auction of foreign exchange purchases as part of its efforts to control the exchange rates of the pound against foreign currencies, valued at $ 40 million.
This year, Sudan returned to the international market for cash transfers for the first time since 1997, after the country was removed from the list of sponsors of terrorism.