Sudan Markets Slow as Exchange Rates Surge

Economy
Sudanese vendors sell vegetables in the central market of Khartoum on June 10, 2019, as most of the shops and businesses remained shut. - Residents generally stayed indoors in the Sudanese capital on June 11 as a nationwide civil disobedience campaign aimed at pressuring the military rulers entered a third day. (Photo by Ashraf SHAZLY / AFP) (Photo credit should read ASHRAF SHAZLY/AFP via Getty Images)

Sudanhorizon – Nazik Shammam

Sudanese markets are experiencing a significant decline in buying and selling activity, driven by the rapid rise in foreign exchange rates against the Sudanese pound over the past several days.

Ahmed Dahi, a wholesale trader at Omdurman Market, said a large number of wholesalers had decided to temporarily suspend sales while they assess their accounts and await new market prices.

Speaking to Sudanhorizon, Dahi revealed that food markets are experiencing severe stagnation and a sharp slowdown in commercial activity. He expected further increases in consumer goods prices if exchange rates continue to rise.

In an exclusive statement today (Monday), Dahi said the UAE dirham had reached 1,850 Sudanese pounds. He noted that the slowdown in buying and selling had prompted many citizens to preserve their savings in foreign currencies and gold.

According to Dahi, a 50-kilogram sack of sugar had reached 260,000 Sudanese pounds, with expectations that it could rise to 300,000 pounds within the next two days. A sack of lentils was priced at 120,000 pounds, while a 25-kilogram sack of flour reached 76,000 pounds. A sack of milk rice was priced at 167,000 pounds, while a sack of kabsa rice reached 185,000 pounds.

Dahi added that a bucket of jibna (Sudanese cheese) had reached 228,000 pounds, while a 15-kilogram bucket of tahini had risen to 225,000 pounds. A 1-liter bottle of cooking oil was priced at 16,000 pounds, while a packet of Siga flour reached 33,000 pounds.

Shortlink: https://sudanhorizon.com/?p=17560