September 19, 2010 (KHARTOUM) -- The Sudanese finance and national economy minister Ali Mahmood Abdel-Rasool announced today a series of measures aimed at reducing imports to prevent further deterioration in the foreign currency reserve positions as the Sudanese pound continues to slide in the unofficial market
As per new rules, the central bank could become an enforcer for the government's plans to control the unofficial market
for US currency, while allowing the administration to continue its massive debt issues next year.
But as these festivals start to grow official or unofficial market
appendages, that too is likely to change.
Commenting on this latest recall of Japanese domestic cars imported via the 'grey' unofficial market
, Jim Tyrrell, managing director of Mitsubishi in the UK, said: "Although we were not responsible for importing these cars and Mitsubishi Motors in Japan were not responsible for them coming to the UK, it seems yet again we have to clear up the problems caused by unofficial importers.
As Reuters reports, "The Iranian rial has lost nearly half its value in the last yearOThough the official government exchange rate is 12,260 rials to the dollar, there is only a limited amount of these cheaper dollars available, and the unofficial market
rate at which most Iranians can access dollars is closer to 19,000 rials.
We should all be aware that the existence of two different exchange rates, at banks and in the unofficial market
, was not acceptable or sustainable.
Moreover, recipients of remittances in bank accounts usually withdraw these funds to benefit from better rates in the unofficial market
In September, the government introduced a currency room rate of IRR 25,000 in order to stop the Rial from sliding any further by making importers fulfill their foreign currency requirements through this room; this would result in less people turning to the unofficial market
for their hard currency requirements.
Vietnam will take measures to stabilise its foreign exchange market after the US dollar rose to over VND18,000 in the unofficial market
, Dow Jones has reported.
PROBLEMS financing and insuring grey imports are increasingly rare as the unofficial market
gains mainstream approval.
Intertainment is also traded in Europe on the unofficial market
of the Frankfurt Exchange through the XETRA trading platform under the symbol "I4T".
But the Egyptian pound's flotation put an end to the unofficial market
and the US dollar exchange rate is gradually declining.