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Debt relief news strengthens Sudanese Pound
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Debt relief news strengthens Sudanese Pound 

The exchange rate for the Sudanese Pound has shown a cautiously optimistic rise against international currencies on the parallel market, the Bank of Sudan, and commercial banks, following news from Paris that Sudan’s debt arrears to the World Bank, the International Monetary Fund (IMF) and the African Development Bank (ADB) have been cleared.

The exchange rate for a US Dollar on the parallel market reached 413 pounds on Tuesday, while the Bank of Sudan set the buying price at SDG407 and SDG410 for selling, an increase of SDG1 from Monday. The dollar price rose to more than SDG410 as several commercial banks. Foreign exchange dealers expressed their surprise at the continued rise in the exchange rate, despite the news from Paris.

According to a memo on inflation for April by Sudan’s Central Bureau of Statistics, the official inflation rate for April was 363.14% compared to 341.78% for the month of March, up by 21.36 points.

The memo indicated that the inflation rate was stable for the food and beverages group, reaching 253.18% for the month of April compared to 253.05%. The basic rate without the food and beverages group recorded an increase for the month of April, reaching 526.88%, compared to 469.83% for the month of March.

The memo indicated that the inflation rate for imported goods in the consumer basket recorded a decrease due to the decrease in some imported fruits prices, which recorded 234.48% for April compared to 243.08% for March.

The inflation rate for urban areas was recorded at 332.89% for the month of April compared to 314.68% for the month of March, while the inflation rate for the rural areas recorded 387.93% for the month of April compared to 362.78% for the month of March.

Source: DABANGA

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