A “surprising” statement from the Prime Minister of Sudan about the value of the pound

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Source: Cairo – Reuters

The Sudanese Prime Minister, Abdullah Hamdouk, said that his country does not have foreign exchange reserves to protect the value of the pound, and that there is a “structural defect”.

And the sale of the US dollar for 100 Sudanese pounds in cash transactions, on Monday, compared with 88 pounds a week ago, with the gap widening with the official price of 45 pounds for the dollar.

Hamdouk said that the price of the dollar in cash transactions on Tuesday reached 95 pounds.

The country’s governing sovereignty council and cabinet approved the 2020 budget in December, the first since the ouster of President Omar al-Bashir.

The Ministry of Finance said in a budget statement 2020 that the Central Bank of Sudan prints pounds equivalent to $ 200 million a month to buy and export gold to finance subsidized commodities, mainly fuel and wheat, which led to “a state of unbridled inflation with a near-constant decline in the exchange rate in the parallel market” .

In a television interview, Hamaddouck said that Sudan has strategic commodity reserves that are sufficient for more than a month.

He also said that his government was working on a new law for the Bank of Sudan, adding that the central bank should follow the cabinet and not the sovereignty council.

He added, “The Bank of Sudan is one of the legacies of the former regime and has turned into a commercial bank that speculates and trades in gold … We are working to develop a new law for the Bank of Sudan.”



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