The Sudanese pound continues to fall against foreign currencies

The Sudanese pound continues to tumble against foreign currencies, whether in commercial banks or on the parallel market.

Khartoum: Al-Taghyeer

On Tuesday, the Sudanese pound plunged to unprecedented lows in the parallel market, as its price fell to 700 pounds for every US dollar.

Parallel market dealers have confirmed AlTaghyeer that there is a state of stagnation in foreign exchange transactions, fearing the rapid collapse of the local currency.

Since the decisions to liberalize the exchange rate of the pound, commercial banks have been trying to catch up with the parallel market, which is experiencing strong demand due to price differentials.

The price of the dollar in commercial banks on Tuesday stood at 640 pounds for a single US dollar.

Companies and commercial establishments refrain from selling their products until the situation stabilizes.

Successive increases in the price of the dollar have led to steady increases in fuel and all goods and services.

The putschist government currently in charge should not find solutions to the economic crisis given the state of international isolation in which it finds itself.

The coup ended a string of months of economic stability and prevented more than $4 billion from reaching Sudan’s central bank coffers.

About Ruben V. Albin

Check Also

Why Real Estate Investors Should Pay Attention to Currency Changes in Africa

The Zambian currency is currently listed as the best performing currency in the world and …