The dollar exchange rate rises to (2800) pounds

The parallel currency market in Sudan is witnessing an increasing demand and transfers worth millions of dollars from government agencies and traders to purchase foreign currency, at a time when the de facto authority in Port Sudan doesn’t seem to care, according to observers, about the accelerating economic collapse in the country.

Foreign currency prices witnessed an unprecedented rise amidst warnings from economic experts of the negative effects of the continued rapid collapse of the Sudanese pound’s value, in light of the failure of the responsible authorities -represented by the Bank of Sudan and the Ministry of Finance- to take appropriate measures to stem the collapse of the pound’s value and its repercussions on the market and citizens due to the exacerbated rise in commodity prices and the wave of crushing inflation witnessed by all markets.

The parallel currency market witnessed a new rise in the value of dollar in exchange for the Sudanese pound, recording prices ranging between (2600) and (2800) pounds, while the Saudi riyal recorded a new exchange rate of (666) Sudanese pounds, and the Emirati dirham recorded an exchange rate of (800) pounds. Moreover, gap between the official and parallel prices widened to more than (800) pounds.

Parallel market traders attributed the rapid rise in foreign exchange markets to the increased demand and transfers worth millions of dollars, citing the notable increase in government demand through influential traders in the market, which prompted them to predict that the exchange rate will continue to rise.

Economic experts stated that the significant decline in the value of the Sudanese pound has exacerbated the issues afflicting of the economy, that is already suffering from high inflation and price indicators, and a decline in basic production sectors, as a result of policy confusion and the multiplicity of economic decision-making centers, in addition to the ever-increasing spending on security and defense.