http://www.sudantribune.com/Sudan-cuts-hard-currency-carried,41266
Sudan cuts hard currency carried by travelers to Ethiopia, Egypt and
Eritrea by 50%
January 11, 2012 (KHARTOUM) – The union of foreign exchange bureaus
issued a decision further limiting the amount of hard currency
Sudanese travelers can carry with them to Ethiopia, Egypt and Eritrea.
The pro-government al-Rayaam newspaper said that effective immediately
the amount travelers to these countries can purchase is now down to
$500 from $1,000.
This decision was attributed to the practices of some brokers who
regularly send off travelers to these countries to make use of the
difference between the official exchange rate and black market one.
Since South Sudan formally became an independent state last July,
Sudan has lost its main foreign currency source causing a sharp drop
in the exchange rate of the pound against the major currencies and
particularly the U.S. dollar.
As a result, the black market has flourished greatly despite
government threats of severe penalties for those trading in hard
currency outside the official channels.
Many people complain that on top of the many restrictions imposed on
buying hard currency, it is very common for forex bureaus and banks to
say that they do not have enough foreign currency in supply to sell.
The central bank pledged last month to bridge the gap between the
official exchange rate and the one on the black market to ensure
stability. Many analysts say that they expect the government to
devalue the pound.
Sudan is hoping that agricultural, livestock and gold exports will
become a new source of revenue and hard currency.
(ST)
----[Mailing List for Eritrea Related News ]----
Received on Thu Jan 12 2012 - 11:18:27 EST
