Sudan warns foreign currency speculators of severe punishment
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August 08, 2011 (LONDON) – The Central Bank of Sudan (CBoS) on Monday
affirmed its ability to meet the "true demand" of customers for hard
currency through increasing the daily injection into banks and forex
bureaus.
JPEG - 12.7 kb
Central Bank of Sudan in Khartoum July 24, 2011 (REUTERS)
A statement released by the highest financial authority today quoted
CBoS deputy governor Badr al-Deen Mahmood as saying that improved
revenues from gold and non-petroleum products as well as decline in
imports helped boost foreign exchange reserves.
He said Sudan sustained a surplus in both the balance of trade by $3.7
billion and current account by $1.3 billion in the first half of 2011
.
The CBoS official said the recent surge in demand for hard currency is
artificial and a result of speculations. He added that South Sudanese
citizens who worked in the North added to this by exchanging their end
of service payment for dollars.
He issued a strong warning to speculators and those who trade
illegally in hard currency with stern measures noting that new laws
allow for imprisonment and confiscation against the violators.
The Khartoum government is keen to clamp down on the thriving black
market where foreign currency is dealt unchecked and on which US$1 now
buys up to SDG3.5.
South Sudan seceded from North Sudan in early July denying Khartoum
75% of its oilfields which was a stable source of foreign currency.
Although the new state will be forced to use the oil refineries and
pipelines for a fee, it will inevitably be subject to a significantly
reduced GDP.
The two countries are at odds over the oil transit fees that should be
assessed prompting South Sudan to talk about seeking other outlets to
export its oil.
North Sudan announced the introduction of a new currency on July 24th
after South Sudan preemptively launched its new currency on July 19th.
(ST)
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