9 August 2017

Sudan: 'Sudan Pound Could Plunge Further Without Economic Change' - Former Finance Minister

Khartoum — Former Sudanese Finance Minister Abdelrahim Hamdi has warned that the Sudanese Pound (SDG) could fall further - to as low as SDG 50 - against the US Dollar unless there is a change in the economic conditions in Sudan.

Hamdi's remarks came after the exchange rate for the Dollar rose to SDG 22 for the first time on the 'parallel market'* this week.

He said that "the Dollar could reach SDG 50 if the economic situation continues on its current trajectory".

MP Ali Abersi and the Chairman of the Transport Chamber of the Employers' Union harshly criticised the Ministry of Finance and blamed it for the deterioration of the Pound against the Dollar.

The Ministry of Finance said that the budget deficit amounted to SDG 6.7 billion during the first half of this year, while the inflation rate for the period stood at 34 points compared to 13 points for the same period last year.

The Pound has fallen sharply against the Dollar on the streets of Khartoum over the last few months. The poor rate is attributed to a combination of poor exports and inept economic policy by the Khartoum government, aggravated by the US decision to postpone its decision on whether or not to lift economic sanctions against Sudan.

*(The Central Bank of Sudan continuously quotes a steady official buying rate of SDG 6.6667)

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