The Sudanese pound on Monday hit another historic low against foreign currencies on black market. A trader in Khartoum said the purchase price of the U.S. dollar reached 100 Sudanese pounds, as the gap with the official rate of 45 to the dollar continues to widen.
Finance Minister, Ibrahim Al-Badawi confirmed, in press statement Monday, that there is no trend from the transitional government to increase the dollar exchange rate for customs purposes , because, its increase will be reflected in the prices of imported goods..
Mr. Ibrahim Albadawi, also announced a short-term security plan to deal with black market for foreign exchange, along with reform plans to improve exports, adding that tender for provision of foreign exchange is needed for those who import basic commodities as part of measures to improve the status of the Sudanese pound.
In a related development, Al-Badawi believed that when foreign transfers come through official channels, the black market effect will become weak. However, he said the revenues of gold exports and the procedures for adjusting the exchange rate for exports will restore the Sudanese pound value, revealing at the same time ,measures to grant incentives to expatriates to attract their transfers through official channels.
The minister pointed out that the transitional government has inherited enormous economic burdens from the previous regime as well as imbalance between foreign exchange and the national currency.
“The transitional government wants to initiate a societal dialogue to reform subsidy but, not to lift it”. Added Albadawi
He said that his government wants to start repaying old loans to Arab funds, and it also has new loans that will be spent on agricultural production infrastructure projects as well as horticultural products.
On the budget, the minister said the budget has come into effect and it has positive indicators in the field of protecting the poor social classes and raising public sector wages.
“The Ministry of Finance and the Bank of Sudan are doing a lot of work, and we are expecting revenues from the gold and agricultural sector to be reflected in the Sudanese economy soon”. Said concluded