THE STORIES BEHIND THE HEADLINES

Abu Dhabi

London

New York

Tuesday 20th March 2018

Sudan Pound Jumps on Black Market on Hope of Dollar Influx

Business

7Dnews London - AFP

Sun, 21 Apr 2019 20:35 GMT

The Sudanese pound surged on the black market Sunday, April 21st, on expectations that the ousting of long-time leader Omar al-Bashir would trigger fresh dollar inflows and ease a foreign currency shortage, as reported by AFP.

In recent years Sudan has been hit by an acute lack of dollars, which became a key factor behind the nationwide protests that led to the toppling of Bashir by the army this month.

Since his removal the pound has steadily strengthened on the black market, and on Sunday April 21st, it jumped to 45 per dollar against 72 last week.

The official exchange rate is 47.5 pounds to the dollar.

A black market trader said on condition of anonymity, "Many people who had dollars are coming to exchange them for Sudanese pounds, they feel that more dollars will come, which will strengthen the pound further."

Africa