Sudanese Pound Falls to Record Low on Black Market

Sudan's new currency sits behind a window at the central bank in Khartoum, Sudan. (AP)
Sudan's new currency sits behind a window at the central bank in Khartoum, Sudan. (AP)
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Sudanese Pound Falls to Record Low on Black Market

Sudan's new currency sits behind a window at the central bank in Khartoum, Sudan. (AP)
Sudan's new currency sits behind a window at the central bank in Khartoum, Sudan. (AP)

Sudan’s pound fell to a record low on the black market, traders said on Monday.

The dollar was selling for 100 Sudanese pounds in cash transactions compared to 88 pounds a week ago, as the gap with the official rate of 45 to the dollar continues to widen.

The country’s ruling sovereign council and cabinet agreed the budget in December - the first since the toppling of longtime ruler Omar al-Bashir, whose final years in power were marked by deep economic woes.

The central bank has been printing Sudanese pounds equivalent to $200 million a month to buy and export gold to finance subsidized commodities, mainly fuel and wheat, which has led to “explosive inflation and near freefall of the exchange rate in the parallel market”, the finance ministry said in a 2020 budget statement in December.

Sudan’s economy was hit hard when the south of the country seceded in 2011, costing it three-quarters of its oil output, a crucial source of foreign currency.



Riyadh and Tokyo to Launch Coordination Framework to Boost Cooperation

Saudi Ambassador to Japan Dr. Ghazi Binzagr. (Asharq Al-Awsat)
Saudi Ambassador to Japan Dr. Ghazi Binzagr. (Asharq Al-Awsat)
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Riyadh and Tokyo to Launch Coordination Framework to Boost Cooperation

Saudi Ambassador to Japan Dr. Ghazi Binzagr. (Asharq Al-Awsat)
Saudi Ambassador to Japan Dr. Ghazi Binzagr. (Asharq Al-Awsat)

Saudi Arabia and Japan are close to unveiling a higher partnership council that will be headed by the countries’ leaderships in line with efforts to build a partnership that bolsters the technical transformation and joint research in clean energy, communications and other areas, revealed Saudi Ambassador to Japan Dr. Ghazi Binzagr.

He told Asharq Al-Awsat that the two countries will soon open a new chapter in their sophisticated strategic partnership.

The new council will be chaired by Prince Mohammed bin Salman, Saudi Crown Prince and Prime Minister, and Japanese Prime Minister Shigeru Ishiba to push forward the Saudi-Japan Vision 2030, he added.

The council will elevate cooperation between the countries and pave the way for broader dialogue and consultations in various fields to bolster political, defense, economic, cultural and sports cooperation, he explained.

The two parties will work on critical technological partnerships that will focus on assessing and developing technologies to benefit from them, Binzagr said. They will also focus on the economy these technologies can create and in turn, the new jobs they will generate.

These jobs can be inside Saudi Arabia or abroad and provide employers with the opportunity to develop the sectors they are specialized in, he added.

Binzagr said Saudi Arabia and Japan will mark 70s years of relations in 2025, coinciding with the launch of Expo 2025 in Osaka in which the Kingdom will have a major presence.

Relations have been based on energy security and trade exchange with Japan’s need for oil. Now, according to Saudi Vision 2030, they can be based on renewable energy and the post-oil phase, remarked the ambassador.

Several opportunities are available in both countries in the cultural, sports and technical fields, he noted.

Both sides agree that improving clean energy and a sustainable environment cannot take place at the expense of a strong economy or quality of life, but through partnership between their countries to influence the global economy, he explained.

"For the next phase, we are keen on consolidating the concept of sustainable partnerships between the two countries in various fields so that this partnership can last for generations,” Binzagr stressed.

“I believe these old partnerships will last for decades and centuries to come,” he remarked.

Moreover, he noted that the oil sector was the cornerstone of the partnership and it will now shift to petrochemicals and the development of the petrochemical industry.