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News and Press ReleasesEconomist: Sudan govt. indirectly floated the Sudanese Pound without a declaration

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Economist: Sudan govt. indirectly floated the Sudanese Pound without a declaration

11-15-2017, 11:50 PM
Radio Dabanga
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Registered: 03-30-2014
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Economist: Sudan govt. indirectly floated the Sudanese Pound without a declaration

    11:50 PM November, 15 2017

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    November 15 - 2017andnbsp;KHARTOUM
    An official foreign exchange office in Khartoum (File photo)
    An official foreign exchange office in Khartoum (File photo)

    Economic expert Dr Sidgi Kabello has denied there is a government subsidy on flour and said that the government provides the Dollar to importers at the official price.

    He pointed out that there is a decrease in flour prices globally.

    In an interview with Radio Dabanga, Dr Sidgi Kabello said the government had indirectly floated the Sudanese Pound without a declaration.

    He pointed to the policies announced by the Bank of Sudan last week not to provide the Dollar at the official price to the importers.

    He attributed the government's failure to announce the flotation of the Pound to political reasons and accused parties in authority of “having a personal interest in the presence of two Dollar prices”.

    He predicted that the government would resort to raising the official Dollar price for wheat and fuel importers which will lead to a significant rise in prices. He called on the masses to face any decisions or measures included in the next budget that would lead to rise of prices.

    Foreign exchange rates

    Finance Minister Mohamed Osman El Rikabi had denied before the Parliament the government's tendency to float the Pound against foreign exchange rates.

    He stressed that there is no way to address the bread crisis except through the lifting of government subsidy entirely on wheat and the freeing of the commodity in full.

    On the other hand, the Dollar has continued to rise against the Sudanese Pound.

    On Tuesday the market recorded SDG 25.1 for purchase compared to SDG 25.3 for sale.

    A currency trader said that in a week, the Dollar has risen about 3 Pounds in an unprecedented increase that have not occurred for many years.

    Former Agriculture Minister Abdel Halim El Mutaafi warned in a workshop that the Dollar could reach SDG 30 if things went this way.

                  

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