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News and Press ReleasesSudan devalues currency amid economic crisis

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Sudan devalues currency amid economic crisis

11-13-2013, 04:25 AM
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Sudan devalues currency amid economic crisis




    Country devalues currency by almost a quarter - the second devaluation inside a year as loss of oil revenue bites hard.

    Last updated:andnbsp;11 Nov 2013 18:49

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    Dozens died in Sudanese protests against fuel price rises in September [Al Jazeera]

    Sudan's central bank has devalued the Sudanese pound by almost a quarter against the US dollar, the second such move in little over a year as the African country struggles with hard currency shortages.

    Sudan's economy has been in turmoil since South Sudan's secession in 2011 took away of three-quarters of oil production.

    Oil was the driver of the economy and source for dollars needed for food and other essential imports. Sudan produces too little to feed its around 32 million people.

    Bidding prices for the Sudanese pound were stated as 5.6871 for one dollar, compared with 4.4 previously, central bank data on Reuters terminals showed on Monday. The official rate was nearer 3 Sudanese pounds to the dollar in 2011.

    The central bank has been trying to bridge a ballooning gap with the black market rate where one dollar costs 7.8 Sudanese pounds as import firms struggle to get their hand on hard currency.

    The black market rate has become the benchmark for banks and firms.

    A central bank official, asking not to be named, said the rate had been already changed in September when the government cut fuel subsides. He did not elaborate.

    The subsidy cuts led to mass protests, with dozens of people killed in the capital, Khartoum.

    The secretive central bank tends not to announce devaluations, which are embarrassing for the government, which denies there is a shortage of hard currency.

    Sudan has sought to offset the loss of southern oil reserves by boosting gold sales, which make up almost 70 percent of exports. But a recent sharp fall of the global gold prices means 2013 revenues will be well below last year's $2.2 billion.

                  

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