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Sudanese pound registers sharp decline against USD

Xinhua Financein KHARTOUM
2018-10-09 09:17

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The Sudanese pound (SDG) registered a sharp decline against the U.S. dollar on Sunday after the government slashed its value by more than half.
 
To tackle its foreign exchange shortage, the government set a new exchange rate of 47.5 SDGs for one dollar, decreasing the value of the currency by about 63.8 percent from 29 SDGs for one dollar.
 
However, currency dealers in the parallel market said the purchase price of the U.S dollar has reached about 50 to 51 SDGs.
 
Sudan has been undergoing an economic crisis since the secession of South Sudan in 2011, due to which the country lost an estimated 70 percent of its oil revenues.
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