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Sudan-Circulates-new-50-Pound-Banknote

Sudan Circulates new 50 Pound Banknote

08 Jun 2018  Fri

Officials of Sudan’s Central Bank have stated that there has been an increase in the number of fake banknotes circulating in the country which has led to higher liquidity and inflation. The bank has already started circulating new 50-pound Sudanese Banknotes to tackle this issue.

Inflation has increased to a whopping 57.65 % in April. Food prices have gone up drastically and the country is also facing the heat due to a shortage of fuel. The Sudanese pound continues to dip on the black market, even though necessary measures are being taken to lessen spending and liquidity. Inflation is taking its toll on the citizens.

The old 50-pound note is the highest denomination in the country and as of now, no specific timeline has been set for withdrawing it. The pound has an average value of 29.27 pounds to the dollar in banks. However, traders have been selling U.S. dollars for almost 38 pounds.

The government wants to cut the inflation to 19.5 percent by the end of 2018 and has no plans to float its currency. Officials have stated that the introduction of new notes is one of the many measures taken to control liquidity, inflation, and trade in the black market. They also fear that people might lose confidence in their national currency and security procedures will not solve the problem of the dollar shortage.

The US lifted 20 years of sanctions against Sudan in October to contain Sudan’s economic downfall. However, the Sudanese pound's value is reducing and there is no increase in foreign investment.

Image Courtesy: Wikimedia Commons