The Sudanese pound fell 16% in one day for these reasons

2023-07-17 18:02:55

The Sudanese pound lost more than 16 percent of its value on Monday, as one dollar traded at 62 pounds through external transfers on the black market, compared to regarding 53 pounds on Sunday, amid a wide wave of disposal of the Sudanese currency, which has maintained over the past three months at its levels despite the continued The war caused great losses in the country’s economic sector.

A senior banking expert told the Sky News Arabia economy website that the sudden decline that occurred during the past hours is due to two reasons. and coinage printing presses controlled by the RSF since the early days of the outbreak of the war in mid-April.

As for the second reason, according to the banking expert, who preferred not to reveal his name, it is due to the tendency of many merchants and citizens to get rid of their assets from local currencies and transfer them to external accounts, through currency dealers spread in a number of capitals and inside the country working through the electronic transfer system known locally. Your bank system.

The Minister of Finance, Jibril Ibrahim, had confirmed the government’s tendency to print the currency abroad, as he stated that the only way to cover the wages of workers in the state is to print the currency abroad, which will take many weeks if the necessary funding is available to cover its expenses.

For the third month in a row, the government failed to pay the wages of state workers, which created stifling living conditions. Because of the difficult security conditions that Khartoum is going through, the Central Bank announced more than 5 weeks ago the transfer of its activities to the city of Portsodlin in the east of the country. However, observers questioned the feasibility of the step due to numerous technical and operational problems resulting from the damage to the banking sector in general and the Central Bank in particular.

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