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Sudanese pound continues climbing as black market falters

news Sudanese pound continues climbing as black market falters SudanTribube.com July 13, 2021 (KHARTOUM) - The Sudanese pound continued on Tuesday to register gains against major currencies prompting panic among black market traders. Traders who spoke to Sudan Tribune said that US dollar was sold at 450 pounds, Euro at 535 pounds, Saudi Riyal for 120 pounds and UAE Dirham for 121 pounds. The improvement in the exchange rate reflected improved market supply relative to demand. Sudan central bank has been regularly holding foreign currency auctions to feed commercial banks needs in a sign that its forex reserves are stabilizing. The East African nation devalued its currency last February to bring it to par with the black market which was a key requirement by donors and international financial institutions.

Sudanese pound continues climbing as black market falters - Sudan Tribune: Plural news and views on Sudan

Sudanese pound continues climbing as black market falters Traders who spoke to Sudan Tribune said that US dollar was sold at 450 pounds, Euro at 535 pounds, Saudi Riyal for 120 pounds and UAE Dirham for 121 pounds. The improvement in the exchange rate reflected improved market supply relative to demand. Sudan central bank has been regularly holding foreign currency auctions to feed commercial banks’ needs in a sign that its forex reserves are stabilizing. The East African nation devalued its currency last February to bring it to par with the black market which was a key requirement by donors and international financial institutions.

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