Sudanese Pound Continues to Decline on Black Market

November 10, 2020 

(KHARTOUM) - The Sudanese pound dropped again against the foreign currencies on Tuesday, as a result of the growing gap between demand and supply in the parallel market.

U.S. Dollar billAccording to dealers who spoke to "Sudan Tribune", the selling price of a dollar ranged between 249 and 250 pounds, compared to 248 on Sunday.

Traders attributed the rise to an increase in demand for foreign currencies while the supply has come down.

A trader who preferred anonymity said that the parallel market is witnessing a remarkable demand for hard currency, and he expected prices to rise further in the coming days, especially with the resumption of the Umrah season.

Last month, the Minister of Finance Heba Muhamed Ali, said that the economic situation in the country is not likely to change substantially in the near future after the U.S. administration started the procedures for removing Sudan from the terror list.

(ST)