صحافة بلادي صحيفة إلكترونية مغاربية متجددة على مدار الساعة تعنى بشؤون المغرب الجزائر ليبيا موريتانيا تونس
Today, Wednesday, July 9, the Sudanese pound witnessed a dramatic decline in the level of foreign currency exchange in the parallel market, amid the economic turmoil that the country is experiencing, which hinders the ability of the monetary authorities to control the market, since the start of armed fighting during April 2023, which is the main reason leading to this worsening monetary crisis, the expansion of the scope of irregular transfers, and the decline of confidence in the banking system.
While the average exchange rate of the dollar fell to about 2,831.76 Sudanese pounds in the parallel market, compared to only 560 pounds two years ago, which indicates the deterioration that the country’s economy is experiencing by more than 405% in a short period. This decline is due to the limited supply compared to the high demand for foreign currencies, in the absence of effective monetary policies, the decline of the banking sector, and the cessation of the majority of productive activities that contribute to the vitality of economic activity, which made the parallel market an alternative economy outside the control of the monetary authorities.
According to trading data this month, bank data revealed that the dollar exchange rate remains stable around 2,200 Sudanese pounds, the highest rate in banks, which indicates the growing imbalance between the parallel market and the official rate, and shows the challenges and obstacles that monetary and economic policies face in finding a solution to this crisis.
There are warnings from international financial institutions regarding the problem of the rise in the price of the dollar, which may exceed the 3,000 barrier, which may lead to inflation and a deterioration in the purchasing power of citizens in the event of a continuation of the armed conflict, in addition to the accumulated Western sanctions.
It is noteworthy that the dollar exchange rate has risen from 560 pounds to about 2,900 pounds, since the outbreak of the armed conflict between the Rapid Support Forces and the Sudanese Armed Forces on April 15, 2023, which shows the extent of the economic decline that Sudan is suffering from, which portends serious repercussions on the population’s standard of living and financial stability.
Financial policies face profound structural challenges, the most important of which are the weakness of international cash flows and the lack of stability in economic policies, which further complicates the government’s ability to import goods and meet basic needs. For its part, the Central Bank is suffering from increasing pressure due to resorting to printing currency without the cover of foreign reserves, which exacerbates the deterioration of the value of the Sudanese pound.
