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
Prayagraj was mint town of Suris. During the reign of Akbar, the ancient pilgrim centre of Prayagraj...
The AIRF, a major organization within the Indian Railways system, completed its centenary, working t...
Princely State Datia was founded in 1735 CE by Bhagwan Das, son of Narsingh Dev of the Orchha Royal ...
Princely State Dholpur, was located in the easternmost state of Rajputana Province during the Britis...
Chhatarpur princely state was founded in 1785 and ruled by the descendants of Bundela Rajput leader ...
Thank you for visiting our website and for your interest in our endeavour.
For a past few days we have been recieving queries whether we buy/sell coins, stamps and currency.
We would like to inform you that, as of date, we have not provided such a platform. However please register on our website and do keep visiting our portal for further notifications on such a forum and other important and exciting news/updates.
Happy Collecting !
Email: info@mintageworld.com
Contact Us