US dollar slightly loses ground to Sudanese pound on black market
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Elisabeth Janaina
May 30, 2013, 2:58:01 AM5/30/13
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US dollar slightly loses ground to Sudanese pound on black market
May 29, 2013 (KHARTOUM) - The price of the US dollar has witnessed a
slight decrease in the black market on Wednesday, settling at 6.9
pound SDG, while the price of the euro was 8.3 pound SDG, and the
Saudi riyal fell to 1.7 pound SDG.
Traders in the black market in Khartoum said that the price of the
dollar declined following Sudan’s army recapture of Abu-Kershola town
in South Kordofan.
Last week the dollar price amounted to 7.3 pounds SDG.
A trader told Sudan Tribune "We learned that the central bank has
pumped dollars into commercial banks, boosting hopes for stabilizing
value of the Sudanese pound".
He stressed that the dollar continues to decline against Sudanese
pound in spite of the statements made by president Omer Al-Bashir in
which he threatened to shut down the pipeline.
"We will be waiting to see what is going to happen on the ground, we
are not yet sure that oil flow will stop" and added "if oil flow
stops, dollar price will definitely reach 10 pounds SDG".
Following the recapture of Abu-Kershola on Monday, president Bashir
threatened to cancel all cooperation agreements signed with South
Sudan last September if South Sudan continues to support rebel groups.
The most notable provision in the agreement is related to resumption
of oil exports by landlocked South Sudan which were suspended more
than a year ago because of a dispute over transit fees.
Khartoum government expects to earn $ 500 million in revenue annually
from transit fees of South Sudan’s oil.
Sudan’s economy was hit hard since the southern part of the country
declared independence in July 2011, taking with it about 75% of the
country’s oil output.
(ST)
May 29, 2013 (KHARTOUM) - The price of the US dollar has witnessed a
slight decrease in the black market on Wednesday, settling at 6.9
pound SDG, while the price of the euro was 8.3 pound SDG, and the
Saudi riyal fell to 1.7 pound SDG.
Traders in the black market in Khartoum said that the price of the
dollar declined following Sudan’s army recapture of Abu-Kershola town
in South Kordofan.
Last week the dollar price amounted to 7.3 pounds SDG.
A trader told Sudan Tribune "We learned that the central bank has
pumped dollars into commercial banks, boosting hopes for stabilizing
value of the Sudanese pound".
He stressed that the dollar continues to decline against Sudanese
pound in spite of the statements made by president Omer Al-Bashir in
which he threatened to shut down the pipeline.
"We will be waiting to see what is going to happen on the ground, we
are not yet sure that oil flow will stop" and added "if oil flow
stops, dollar price will definitely reach 10 pounds SDG".
Following the recapture of Abu-Kershola on Monday, president Bashir
threatened to cancel all cooperation agreements signed with South
Sudan last September if South Sudan continues to support rebel groups.
The most notable provision in the agreement is related to resumption
of oil exports by landlocked South Sudan which were suspended more
than a year ago because of a dispute over transit fees.
Khartoum government expects to earn $ 500 million in revenue annually
from transit fees of South Sudan’s oil.
Sudan’s economy was hit hard since the southern part of the country
declared independence in July 2011, taking with it about 75% of the
country’s oil output.
(ST)
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