Arab Today, arab today scarcity of hard currency hikes prices in sudan’s black market
Last Updated : GMT 18:22:38
Arab Today, arab today
Arab Today, arab today

Scarcity of hard currency hikes prices in Sudan’s black market

Arab Today, arab today

Arab Today, arab today Scarcity of hard currency hikes prices in Sudan’s black market

Khartoum - Arabstoday

The price of the US dollar has shot up to 5,500 pounds in Sudan’s black market after the country’s banking authorities failed on Tuesday to supply Forex bureaus with enough hard currency to cover rising demands. Banks and Forex bureaus in Sudan are only allowed to sell a limited amount of hard currency to individuals and only if they can provide a valid justification including travel for medical treatment or studying abroad. Last month the Central Bank of Sudan (CBS) authorized Forex offices to buy and sell currency using their own exchange rate as opposed to the official one in an attempt to curb the flourishing black market and attract transfers by Sudanese expatriates abroad. CBS officials also indicated that restrictions on the amounts of hard currency that travelers abroad are allowed to carry will be eased. However, Forex bureaus in the capital Khartoum were overcrowded on Tuesday by citizens seeking hard currency. According to the deputy chairman of the Forex Bureaus Union, Abdel Al-Moniem Nur Al-Deen, the occurrence was caused by the fact that the CBS was “late” to give Forex bureaus their allotted amounts of hard currency. Abdel Al-Moniem further said that the over-crowdedness forced some Forex bureaus to give citizens less amounts of hard currency than what they are allowed to take. He added that most people had to accept the reduced amounts under the circumstances. But a black market trader speaking to Sudan Tribune on the condition of anonymity indicated that the situation is actually worse than what the authorities are saying. He said that even the black market witnessed a near-total unavailability of US dollars on Tuesday. “Even us in the black market are struggling to find dollars” he said. He revealed that the price of the dollar had gone up to 5,500 in the black market as a result. He further said he expects the price to hit 6000 in the current month. The US dollar already trades for twice the official rate of 2.7 Sudanese pounds in the black market despite multiple interventions by the central bank to inject hard currency. Since the secession of oil-rich South Sudan, Sudan has struggled to contain the deteriorating value of its own currency as the flow of hard currency was sharply curtailed.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today scarcity of hard currency hikes prices in sudan’s black market Arab Today, arab today scarcity of hard currency hikes prices in sudan’s black market

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today scarcity of hard currency hikes prices in sudan’s black market Arab Today, arab today scarcity of hard currency hikes prices in sudan’s black market

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
Arab Today, arab today Sally Shaheen considers hosting a political show
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday