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.
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