Rise in foreign currency rates against Sudanese pound

2019-07-03 19:53:14.000 | view 391 | share : |

Khartoum, July 3 (SUNA) - A number of foreign exchange traders have attributed the recent rise in foreign currency rates against the Sudanese pound, particularly the US dollar, to the recent political change and the absence of political solutions resulting in formation of a government to stabilize the country.  The price of the dollar purchase rose significantly in the parallel market during this week. The price of the dollar in the parallel market Wednesday is 72 pounds in cash and 77 pounds in check, according to a currency trader, expecting prices to continue rising. A number of economists attributed the fluctuation of the exchange rate to the government's decision to liberalize the exchange rate of the pound in banks, pointing out that the issuance of the central bank to the currency denomination of 1000 pounds will raise inflation rates if not covered and will lead to further deterioration of the local currency. The Economic Expert Dr. Abdul-Azim Al-Mahl revealed that the instability of the exchange rate returned to the continued imbalance of payments, the deterioration of the value of the Sudanese pound, which resulted in the rise of commodity prices and the inflation rates.