The US dollar now costs 640 SDG on the streets of Sudan

The price of a US dollar has continued to rise in banks and on the streets of Khartoum over the past week, with the value of the Sudanese pound (SDG) plummeting against major international currencies.

On Sunday morning, a dollar was SDG672 at the official bank rate – SDG12 higher than Thursday – while the greenback traded at SDG640 on the parallel market – up SDG20 from the end of last week .

Fuel prices in Sudan also rose for the fourth time in two months. A liter of gasoline now costs SDG 672 in Khartoum. This affected the aviation sector.

The Civil Aviation Authority of Sudan has issued a circular to increase ticket prices for domestic flights by 25%, starting yesterday. A flight from Khartoum to El Geneina now costs SDG 85,000, Nyala SDG 73,500, El Fasher SDG 66,500 and Port Sudan SDG 60,000.

The continued fall of the Sudanese pound comes despite the announcement by the Central Bank of Sudan last week to unify the exchange rate of the Sudanese pound to enable the determination of exchange rates without interference from the Central Bank.

Economist Hasan Bashir said in an interview with Sudan today on Radio Dabanga that the complete liberalization of the exchange rate in the absence of sufficient foreign exchange reserves will lead to the continuous rise in the price of the greenback on the parallel market.

Last year, the government also unified the exchange rate of the Sudanese pound in an effort to halt ongoing inflation in Sudan. At that time, the official exchange rate of 1 USD was adjusted from SDG55 to the parallel market rate of SDG375.

At that time, economics professor Hasan Bashir and professor Esam El Zein told Radio Dabanga that the monetary adjustment would stabilize the exchange rate and encourage grants, loans and emergency grants, but also put warns against increasing poverty and inflation.

Since the October 25 military coup, the parallel market has started to become more powerful again and to deviate from the official exchange rate.

Economic conditions in Sudan have been difficult and many basic daily needs have become unaffordable for people as the Sudanese pound plunges further and further.

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