banking

Sudanese pound continues to fall ahead of fuel subsidy cut

October 13, 2020

October 12, 2020 (KHARTOUM) - Sudan’s pound fell to a record low in the black market on Monday, ahead of the announced removal of fuel subsidy.

On Monday, the dollar was selling for 255 Sudanese pounds in cash transactions compared to 248 pounds on Sunday, while the euro sold 290 pounds.

The parallel market in Khartoum witnessed a short lull following the signing of a peace agreement between the government and the armed groups in the capital of South Sudan, Juba, early this month.

A dealer who declined to be named told Sudan Tribune that the black market witnessed an increase in the demand compared to previous days.

Traders attributed the new decline to an increase in the demand for foreign currencies, following the announcement of a plan to lift fuel subsidies.

He added that traders are anticipating that the government demand for hard currencies to cover the import of commodities, especially fuel.

The Sudanese Energy Minister Khairy Abdel Rahman on Monday said that the fuel price would be determined according to the oil prices in the global market and calculated based on the cost of the dollar in the parallel market.

Sudanese government decided to cut fuel subsidy and liberalize its price, as part of economic reforms in the country.

Sudanese Prime Minister Abdallah Hamdok who used to manage the U.S. administration, on Sunday, confessed that the democratic transition in his country is harmed by continued Sudan’s designation as a state sponsor of terrorism.

“We are isolated from the world,” Hamdok told the Financial Times.

'He added that it was unjust to treat Sudan as a pariah state more than 20 years after it expelled bin Laden, and a year after it overthrew the regime that harboured him,' stressed the British newspaper.

sudantribune



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