And the central bank said in a statement on Monday that it will allow banks and exchange companies to set and announce buying and selling prices free coins without his interference.
He explained that the step comes within the framework of reform monetary policies that will be issued successively aimed at stabilizing the exchange rate and increasing the banking system’s ability to attract resources.
However, Muhammad Sheikhoun, professor of economics at Sudanese universities, told Sky News Arabia that the move would lead to more fluctuations in exchange rates and raise the already exacerbated inflation rates, which exceeded 400 percent during the recent period.
Sheikhoun saw that Sudan’s loss of communication channels with international financial communityIn addition to the decline in production, the market’s dependence on imports to cover more than 90 percent of its needs, and the significant decrease in remittances from expatriates, all of these factors reinforce expectations of a further decline in the value of the pound.
In the same context, banking expert Awad Osman points to many structural problems related to the situation of the Sudanese economy at the present time.
Othman told Sky News Arabia that the new policies will not improve the pound’s position due to the country’s loss of the necessary amount of foreign exchange reserves.
and suffer Sudanese economy From major crises after the deterioration that affected all sectors due to corruption that spread during the rule of ousted Omar al-Bashir, which lasted from 1989 until his overthrow in a popular revolution in April 2019.
These crises affected most segments of the population.
During the period that followed the fall of Al-Bashir in April 2019, Sudan began to open up towards… The international community After his name was removed from the terrorism list, he obtained pledges to write off a large part of his debts amounting to 66 billion dollars and promises of aid estimated at 3 billion dollars.
But the international community suspended all these pledges, following the measures taken by the army chief Abdel Fattah Al-Burhan On the twenty-fifth of October last.
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After a period of stability that lasted more than a year, the parallel market came back again, widening the difference with the official price to more than 120 pounds, as one dollar is traded in banks at about 455 pounds, compared to 580 pounds in parallel market.
And the central bank said in a statement on Monday that it will allow banks and exchange companies to set and announce buying and selling prices free coins without his interference.
He explained that the step comes within the framework of reform monetary policies that will be issued successively aimed at stabilizing the exchange rate and increasing the banking system’s ability to attract resources.
However, Muhammad Sheikhoun, professor of economics at Sudanese universities, told Sky News Arabia that the move would lead to more fluctuations in exchange rates and raise the already exacerbated inflation rates, which exceeded 400 percent during the recent period.
Sheikhoun saw that Sudan’s loss of communication channels with international financial communityIn addition to the decline in production, the market’s dependence on imports to cover more than 90 percent of its needs, and the significant decrease in remittances from expatriates, all of these factors reinforce expectations of a further decline in the value of the pound.
In the same context, banking expert Awad Osman points to many structural problems related to the situation of the Sudanese economy at the present time.
Othman told Sky News Arabia that the new policies will not improve the pound’s position due to the country’s loss of the necessary amount of foreign exchange reserves.
and suffer Sudanese economy From major crises after the deterioration that affected all sectors due to corruption that spread during the rule of ousted Omar al-Bashir, which lasted from 1989 until his overthrow in a popular revolution in April 2019.
These crises affected most segments of the population.
During the period that followed the fall of Al-Bashir in April 2019, Sudan began to open up towards… The international community After his name was removed from the terrorism list, he obtained pledges to write off a large part of his debts amounting to 66 billion dollars and promises of aid estimated at 3 billion dollars.
But the international community suspended all these pledges, following the measures taken by the army chief Abdel Fattah Al-Burhan On the twenty-fifth of October last.