Slight Decline in Prices of Some Goods as Traders Tie Stability to Exchange Rate

Sudanhorizon – Nazik Shammam

Several consumer goods traders have linked the decline in commodity prices to lower foreign currency prices in parallel markets, stressing that price fluctuations will not be resolved without stability in exchange rates.

Ahmed Dahi, a wholesaler at Omdurman Market, revealed that the price of a 50-kilogram sack of sugar fell from SDG 420,000 to SDG 350,000 in the markets as of Thursday.

Speaking to Sudanhorizon, Dahi attributed the decline in sugar prices to the appreciation of the Sudanese pound against the U.S. dollar, from SDG 8,300 to SDG 7,600 per dollar, along with a decline in the exchange rate of the UAE dirham from SDG 2,380 to SDG 2,100.

He expected the direction of consumer goods prices, whether upward or downward, to become clearer by next Monday, depending on developments in the currency markets.

Parallel currency markets had witnessed a significant rise in the value of the Sudanese pound against the U.S. dollar and other foreign currencies over the past week.

Meanwhile, informed sources told Sudanhorizon that a joint meeting between the Sovereignty Council and the Council of Ministers was held to discuss the repercussions of the ongoing economic crisis.

The sources confirmed that the meeting resulted in a number of decisions, most notably pursuing currency speculators and reviewing several recent economic decisions.

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