Chamber of Importers warns of devaluation Sudanese Pound

The Chamber of Importers at the Employers Association has warned for the disastrous effects if the devaluation of the Sudanese Pound against the US Dollar continues. The president of the Chamber of Importers, Samir Ahmed Gasim, said that the low value of the Sudanese Pound (SDG) against the Dollar will have negative impact on the inflation; it will cause a scarcity of goods, which will cause a continuation of the price hikes, and also may lead to increased unemployment. Gasim recommended the government to concentrate on increasing production and productivity, and to adopt a balanced foreign policy and fiscal policies. This will contribute to the stability of the exchange rate and will return prestige to the Sudanese Pound again. It is important too that the Sudanese government speeds up its efforts in seeking for foreign debts exemptions. According to Gasim, most of the problems of the national economy would be solved if the government would work on lifting the sanctions the USA has imposed on Sudan. This would, he said, have a strong positive impact on the Sudanese agricultural and industrial sectors. The buying price of the dollar on the black market, termed “parallel market” in the Sudanese media reached SDG8 early this year while the selling price rose to more than SDG8.50 with expectations continuing to rise.(Source: Ibrahim Sagheer/Akhbar El Youm) File photo: Central Bank of Sudan, Khartoum Related: US Dollar price rises on Sudan’s black market (5 January 2014)