Sudan's licensed foreign exchange bureaux have started trading Sudanese pounds at a rate nearly equal to the black market price, part of an effort started last month to stamp out unofficial trade, an official said on Tuesday.
The Sudanese pound has hit a historic low on the black market as people rush to move savings into dollars, fearing an economic crisis will deepen after South Sudan seized a vital oilfield, money traders said on Saturday.
A few months before South Sudan broke away to become the world's newest nation, James Luong Kiir's pharmacy was pulling in around 5,000 South Sudanese pounds (around $1,500) a month -- a decent living in Bentiu, capital of the conflict-stricken...
The Sudanese pound weakened against the U.S. dollar in the black market this week because of a foreign currency shortage that has been worsened by the secession of oil-producing South Sudan, traders said on Wednesday.
South Sudan wants to stop the pound weakening by setting an exchange rate target of 2.9-3.3 against the dollar and will intervene to ensure the currency stays in that band, a senior government official said on Tuesday.
The Sudanese pound hit a new low against the dollar on Thursday amid a scarcity of hard currency, while annual inflation in the African country accelerated to 21.1 percent in August due to a jump in food prices.
The Sudanese pound has fallen further on the black market despite the central bank's pledge to provide banks with more dollars to meet rising hard currency demand following the secession of oil-rich South Sudan, traders said on Tuesday.
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