Debt relief news slightly 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 per cent compared to 341.78 per cent 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 per cent for the month of April compared to 253.05 per cent. The basic rate without the food and beverages group recorded an increase for the month of April, reaching 526.88 per cent, compared to 469.83 per cent 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 per cent for April compared to 243.08 per cent for March.

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