Sudanese pound drops by 3%, making it 465 pounds to one dollar

The prices of Sudanese pounds slipped in the Sudan black market on January 16, and it dropped by more than 3 per cent to 465 pounds to the dollar.

As per traders, the demand for the dollar rushed amid continuing political uncertainty following a coup in October.

After being significantly declined in February 2021 as part of monetary reforms carried out by a transitional government and overseen by the International Monetary Fund, the Sudanese pound has generally stabilized in the latest months.

In the coup, military authorities dissolved the government before restoring Prime Minister Abdalla Hamdok to defend the changes, although he quit earlier this month.

According to the one dealer of money exchange, Sudanese people are purchasing dollars in order to maintain their investments. At the same time, they are expecting a deterioration in the country’s position, and there is a high demand for dollars in the Sudan market.

Last week, the price of a dollar in the market was 450 pounds, and people are selling it. The difference between the parallel market and official exchange rates has been chiefly tiniest in the latest months.

However, the United States held negotiations last week in order to break the dead end between military officials and pro-democracy civilian organizations and prevent the additional unwanted disruption.

Before the coup, Sudan’s economy showed signs of stabilization following years of economic distress that flashed the revolution that overthrew authoritarian former President Omar al-Bashir in 2019.