KHARTOUM,: Sudan’s central bank allocated $43.4 million in its second foreign currency auction, an almost three-fold increase on the previous week, while the difference between the country’s official and black market exchange rates continued to widen.
A dollar fetched 470 Sudanese pounds on the black market, rising from 445 a week ago, while the official rate was 424.
Sudan sharply devalued its currency in February, moving to a flexible managed float system, which the auctions are designed to support.
However, the auctions, which represent the first time in years that Sudan’s central bank has supplied dollars to commercial banks, have not slowed the decline of the pound on the black market for which traders have not specified a specific cause.
“Some parties have sought during the past few days to spread incorrect and harmful news about the foreign exchange rate with the aim of thwarting the exchange rate unification policy,” said the Sudan Banks Union in a statement on Tuesday.
Sudan’s money supply surged 60 percent in February, central bank figures showed.
Some 29 banks participated in the auction, in which 184 applications were accepted out of 277, at rates of between 386 and 425 Sudanese pounds to the dollar, the central bank said.
The auction was limited to importers who required dollars to import goods on an official list of essential goods that includes medicines, tea, and agricultural and industrial inputs.
The central bank also announced a third auction in a separate statement on Tuesday, to be held on June 6.
Sudan continues foreign currency auctions as pound slips in black market
https://arab.news/482r4
Sudan continues foreign currency auctions as pound slips in black market
- A dollar fetched 470 Sudanese pounds on the black market, rising from 445 a week ago, while the official rate was 424
Closing Bell: Saudi stocks slip as Tadawul falls 1% amid broad market weakness
RIYADH: Saudi stocks fell sharply on Tuesday, with the Tadawul All Share Index closing down 108.14 points, or 1.03 percent, at 10,381.51.
The broader decline was reflected across major indices. The MSCI Tadawul 30 Index slipped 0.78 percent to 1,378.00, while Nomu, the parallel market index, fell 1 percent to 23,040.79.
Market breadth was strongly negative on the main board, with 237 stocks falling compared to just 24 gainers. Trading activity remained robust, with 164.7 million shares changing hands and a total traded value of SR3.19 billion ($850.6 million).
Among the gainers, SEDCO Capital REIT Fund led, rising 2.73 percent to SR6.77, followed by Chubb Arabia Cooperative Insurance Co., which gained 2.69 percent to SR20.20.
National Medical Care Co. added 1.72 percent to close at SR141.60, while Alyamamah Steel Industries Co. and Thimar Advertising, Public Relations and Marketing Co. advanced 1.57 percent and 1.13 percent, respectively.
Losses were led by Al Masar Al Shamil Education Co., which tumbled 8.36 percent to SR24.65. Raoom Trading Co.fell 6.75 percent to SR64.20, while Alkhaleej Training and Education Co. dropped 6.60 percent to SR18.12 and Naqi Water Co. declined 5.51 percent to SR54.00. Gulf General Cooperative Insurance Co. closed 5.44 percent lower at SR3.65.
On the announcement front, Chubb Arabia Cooperative Insurance Co. signed a multiyear insurance agreement with Saudi Electricity Co. to provide various coverages, expected to positively impact its financial results over the 2025–2026 period. The deal will run for three years and two months and is within the company’s normal course of business.
Meanwhile, Bupa Arabia for Cooperative Insurance Co. announced a one-year health insurance contract with Saudi National Bank, valued at SR330.2 million, covering the bank’s employees and their families from January 2026. Despite the sizable contract, Bupa Arabia shares fell 0.8 percent to close at SR137, weighed down by the broader market weakness.
In contrast, United Cooperative Assurance Co. revealed an extension of its engineering insurance agreement with Saudi Binladin Group for the Grand Mosque expansion in Makkah. The contract value exceeds 20 percent of the company’s gross written premiums based on its latest audited financials and is expected to support results through 2026. However, the stock came under selling pressure, ending the session down 4.51 percent at SR3.39.
