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FinancialNews


  • 09-10-18

    Sudan's pound sees significant turn down against US dollar

    (MENAFN) Sudan's pound experienced a significant turn down against the US dollar shortly after the Sudanese government reduced its value by over 50 percent.

    The Sudanese government decided to set an exchange rate of 47.5 SDGs for a dollar, aiming to deal with its lack of foreign exchange.

    The decision cut the value of the Sudanese currency by around 63.8 percent, compared to the previous 29 SDGs for one dollar.

    The acquisition cost of the US dollar hit an average of 50 to 51 SDGs, currency traders within the parallel market stated.

    It comes as the country begun suffering of an economic calamity ever since 2011, when the secession of South Sudan occurred, recording around 70 percent losses of its oil revenues.

    MENAFN0910201800450000ID1097543771

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