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Sudanese currency recorded a significant drop at 48 pounds to the dollar before it reduced its losses
The Sudanese government reached a settlement of its oil debts with the Indian oil and gas company (government), estimated at more than four hundred million dollars, while the pound recovered some of the health against the dollar.
Sudan's Oil Minister Azhari Abdul Qader said his country had reached an agreement on all outstanding issues concerning some financial claims between the Indian oil and gas company and the government of Sudan.
He disclosed the withdrawal of the Indian company arbitration suit filed against the Government of Sudan because of the oil debt to Khartoum, and announced that a delegation from the presidency of the company will visit Sudan next week.
In April, India's oil and gas company filed an arbitration lawsuit against the government of the Sudan in a London court seeking to recover arrears over the years related to a company's project damaged by the secession of southern Sudan in 2011.
The total amount owed to the Sudanese government amounted to about 425 million dollars, including the company's agreed share in oil operations and pipelines, and its share of oil, which the company said the Sudanese government has not handed over since 2012.
The debts of foreign companies operating in the oil field in Sudan are among the reasons behind the reluctance of investors to invest in the oil sector in the country.
Sudan's oil production is 72,000 bpd, according to recent government data.
In the meantime, the value of the Sudanese pound against the basket of foreign currencies in the transactions of parallel markets (black) on Tuesday, supported by the volatility of the abundance of liquidity of the local currency.
Traders with parallel markets said the dollar had fallen to 43 pounds on the parallel market in Khartoum.
The foreign exchange markets in Sudan witnessed a significant rise in foreign exchange rates, especially the dollar, which recorded its price last Sunday 48 pounds.
Traders attributed the reasons for the decline to the lack of liquidity in the local markets, as well as the implications of the return of oil pumping in southern Sudan next month.
Sudan has suffered since the secession of the south in 2011 from the scarcity of foreign exchange, losing three quarters of its oil resources, and equal to 80% of foreign exchange resources.
Source: Anatolia Agency
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