Sudanese Pound Begins Recovery Vs. US Dollar

The Sudanese pound relished a rally against foreign currencies in the parallel market, including the US dollar, last Saturday, March 26. Based on the accounts of the dealers within the parallel market, there has been a complete decline in demand for foreign currencies.

 

Additionally, they indicated that the US dollar’s selling price reached 640 Sudanese pounds. We are interested in sharing this foreign exchange report with our readers, especially those holding units of the Sudanese pound.

 

We believe reading this news will help them know how they can manage their funds this week. Based on the report posted online by Sudanese news source Al Taghyeer Newspaper, the US dollar did a record decline in the past two days.

 

Last Thursday, March 24, the official currency of the United States’ selling price in Sudan plummeted to 700 Sudanese pounds, compared to 780 pounds last Wednesday. This event is in conjunction with the Central Bank of Sudan’s announcement.

 

The latter declared that it would inject sums of foreign currency and re-intervene in the foreign exchange market. Before the Sudanese pound’s latest recovery, foreign exchange rates in the Northeast African country witnessed unprecedented rises versus the local currency.

 

This happening was amid an unreasonable increase in demand and a great shortage in supply, leading to a never-before-seen deterioration in the value of the Sudanese pound.

 

Moreover, the record-setting collapse of Sudan’s official currency saw the US dollar trading against it in the parallel market for more than 810 Sudanese pounds. At the time of writing, US$1 is equivalent to 447 Sudanese pounds, per the information on Xe.com.

 

Brigadier General Taher Abu Haga is the media advisor to Sudan Army commander Abdel-Fattah Al-Burhan. The latter is the coup leader and the Chairman of the Transitional Sovereignty Council.

 

Additionally, Burhan is currently Sudan’s de facto leader. Abu Haga said he promises a push-back against those he referred to as the “dollar mafia.”

 

The media advisor proclaimed that the Sudanese Government would take stringent measures to confront the group.

 

In Abu Haga’s statement to the press, he pointed out that the move comes in the wake of the recent unprecedented drop of the Sudanese pound’s value against the US dollar.

 

Furthermore, Burhan’s media advisor said that such an incident revealed the extent of the threats targeting Sudan’s economic security.

 

Abu Haga said that the “dollar mafia” is waging an economic war against Sudan, using destructive practices to weaken, sabotage, destabilize, and destroy the Northeast African nation’s economy.

 

Finally, he spoke of a “malicious conspiracy” waging an economic armed conflict versus the Sudanese economy, targeting its stability, unity, and livelihood. We gathered that a coup d’état happened in Sudan last October 25, 2021, which Army commander Abdel-Fattah Al-Burhan led.

 

Since that event, the Northeast African nation’s people have seen a terrible deterioration of all of their life’s aspects, especially the economic side.

 

We also find it concerning that Sudan has reverted to international isolation, and international financial organizations have suspended economic aid to this country following the coup d’etat.

 

We can imagine, and we understand, how economically difficult these days are for the Sudanese people.

 

We hope that Sudan’s Government, including the Central Bank of Sudan, will work further to help mitigate the foreign currencies’ adverse impacts on the Sudanese pound and, most importantly, the people’s lives.

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