Economy, Africa

Forex trading halted in Sudan amid reports of 'coup'

President Omar al-Bashir has reportedly been forced to step down following months of protest against his rule

Nazek Shammam   | 11.04.2019
Forex trading halted in Sudan amid reports of 'coup'

KHARTOUM, Sudan

Foreign currency trading has been halted in Sudan amid reports of a “military coup” against President Omar al-Bashir.

“The buying and selling of dollars has stopped,” one Khartoum-based foreign currency trader told Anadolu Agency.

“We’re still waiting for conditions to stabilize,” the trader added, speaking anonymously due to the issue’s sensitivity.

Earlier Thursday, hundreds of thousands of people flooded the streets of the capital -- and other Sudanese cities -- to express their joy following reports of al-Bashir’s resignation after 30 years in power.

The Sudanese army, however, has yet to make an official announcement regarding al-Bashir's reported resignation.

According to local traders, the purchase price for U.S. dollars on Wednesday stood at 73 Sudanese pounds on the black market and 47.5 Sudanese pounds at commercial banks.

Sudanese currency has lost considerable value in recent months, leading to sharp increases in basic commodity prices.

Since December, Sudan has been rocked by popular protests against al-Bashir, who demonstrators blame for failing to solve the country’s chronic economic woes.

* Writing by Mahmoud Barakat

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