KHARTOUM — Sudan‘s beleaguered currency has gained eight percent on the black market since the weekend announcement of a long-sought oil deal with South Sudan, dealers said on Monday.
The pound traded at 5.7 for one US dollar, against 6.2 before Saturday’s announcement of the agreement.
Sudan and South Sudan agreed Juba would pay Khartoum a package amounting to about $3 billion, as well as a per-barrel fee for sending its oil through the north’s infrastructure for export via Port Sudan.
Juba said the fee is $9.48 per barrel but Khartoum has not commented on the final figure.
“Traders are worried about the oil deal. They think the government will gain dollars from this agreement, and the rate will come down,” one trader on the unofficial market said.
Another black market dealer said most of his fellow traders had put their business on hold, “because they want to see what happens after the oil deal.”
A third trader said people in his business “are worried after the agreement was announced” but he added the black market rate normally falls anyway ahead of the Eid festival when expatriates send money home to their families.
The dealers all
Category: South Sudan News