Sudan: Economy collapses as dollar reaches 100 SDG for the first time

KHARTOUM – The Sudanese pound recorded on Monday evening – January 20, 2020 –  in the parallel (or black) market its lowest level against the US dollar in Sudan, and analysts said it will continued to decline during the next few months compared to a relative stability in the months before.

On Monday evening, businessmen and dealers in the money market, said the currency rate for 1 USD jumped to 100.00 Sudanese pounds for the first time in Sudan’s history.

They said 1 dollar was traded at 75 pounds during the late era of ousted president Omar al-Bashir reached and foreign exchange rates fell against the pound after the success of the Sudanese change revolution only to rise again in few months and exceeded the previous levels of cash handling.

Sudan has been suffering since the separation of South Sudan in 2011 from a scarcity of foreign exchange, for losing three quarters of its oil resources, in addition to supporting energy, bread and electricity materials that cost the public treasury billions of pounds, according to Minister of Finance Dr. Al-Badawi, who calls for the liberalization of gasoline and gasoline prices gradually to stop inflation inherited from the defunct regime.