New Sudanese currency falters badly after only a few months

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The South Sudanese pound, which has only been in existence for a matter of months, is faltering badly due to rising inflation and a significant loss of oil revenues..

The value of the new Sudanese pound has fallen by up to 60% in some areas alongside rapidly rising inflation, leaving the Sudanese population bewildered about the economic future the country may face.

It is bad news for a country (and an economy) that appeared to be progressing well having recently secured independence.

Independence came at a significant cost though as, after decades of conflict with the North, approximately 1.5 million people were killed.

South Sudanese natives will be hoping that timber continue as the main source of export from South Sudan to the international market.

In addition though, the country also contains several potentially valuable natural resources such as petroleum, iron ore, copper, zinc, silver and gold.

Agricultural produce, which the country is set to remain heavily reliant on for the emerging economy, includes cotton, wheat, sugar cane and papaya.

The loss of oil revenues is also a real blow. Officials in the ruling National Congress party are aware that a faltering economy is the most significant short term threat to the overall stability of the regime.

It remains to be seen just what they plan to do in order to get things back on track.

Transferring money to Sudan

If you are looking to invest in South Sudan, think carefully about how you will be transferring money to Sudan. Foreign currency exchange rates quoted by banks are almost always worse than the exchange rates available through specialist currency dealers.

So if you are looking to send money to Sudan – which you will inevitably have to do if you are looking to make a property investment, be sure to compare the market before you buy your overseas currency

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New Sudanese currency falters badly after only a few months

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