The Sudanese pound is losing value to the US dollar due to persistent shortage of hard currency in the country, loss of oil revenue and bad crops.
This week the black market in Khartoum was paying 5.30 Sudanese pounds for one dollar although the official rate stands at around 2.70 pounds.On Wednesday, the unofficial rate dropped to between 4.20 and 4.50 pounds per dollar after Qatar announced a loan of two billion dollars in credit to the Sudan.
The fluctuation in the value of the Sudanese Pound is a clear sign that the economy of the country is in deep trouble after it lost three quarters of oil revenues with the independence of South Sudan.
The UN alerted this week that this year’s crops in Sudan are well below the needs of the population.