SUDANESE POUND INCREASES VALUE FOR THE FIRST TIME

The value of Sudanese pound increases for the first time after devaluation.

According to bankers, the Sudanese pound have gained weight as it now values at 46.95 to the US dollar. This is the first rise since the devaluation of the Sudanese national currency. The devaluation is a new strategy to battle the country’s financial crisis.

Setting exchange rate on daily basis was tasked to a new team of bank executives and exchange houses. The team settled to maintain the pound at a steady rate of 47.5 to a dollar. This decision came after the devaluation from an official rate of 29 pounds to a dollar.

Earlier this year, there was an economic unrest in Sudan. This was as a result of a growing expensive black market for dollars. The shortage of foreign currency cramped the ability to import and also hiked prices.

The recent rise in the country’s national currency is due to the pumping of cash by the central bank into local banks. The cash is to enable them to buy foreign currency from the public.

Also in the black market the currency marginally gained weight as the buying rate was at 48 pounds against the dollar while the selling rate stood at 49 pounds to the dollar.

According to the central bank governor Mohamed Kheir al-Zubeir, the Treasury is ready to provide any amount of Sudanese pounds to local banks to buy any amount of foreign currency that may become available.