Sudanese pound registers record decline against USD

CAIRO – 20 November 2017: The Sudanese pound (SDG) has registered a record decline against foreign currencies during the last period, registering 30 SDG against $1.
Sudanese experts say that the decrease in currency value reflects a deep crisis in the country’s economy and the “fragile rates of economic growth.”

“The Sudanese central bank’s policy of gradual SDG flotation is not done clearly,” the experts added, noting that these moves reflect the weak rates of economic growth.

They said that there are many obstacles preventing any plans to achieve economic reform for Sudan, such as the high trade deficit that hit the country, and thereby more local and foreign debts will be loaded on the country.

“The political instability also precludes new investments,” they added.

All ambitions and inspirations that the Sudanese economy will improve after removing the American sanctions were not realistic. The price of a currency can be defined only by the volume of investments and production, not via inspirations.

They expected the USD to hit 32 SDG, as the government tried every possible way and it has no choice except leaving the price to supply and demand.

The weakness of the Sudanese financial institutions makes the country fragile against any massive economic challenge and raises pressure on citizens.

Sudanese local newspapers said on Monday that the licenses of some companies would be removed and sanctions imposed on commercial banks as currency speculators.