Sudan’s local currency has entered a phase of rapid collapse against foreign currencies, with the US dollar reaching 7,000 Sudanese pounds for the first time. Markets have also witnessed record increases in the prices of goods and a state of paralysis, coinciding with disruptions to banking applications.
The Sudanese economy is experiencing a deepening crisis marked by exchange-rate distortions and a wide gap between the official exchange rate and the parallel market rate, alongside the continued depreciation of the national currency against foreign currencies.
According to observers, the parallel foreign-exchange markets have witnessed a state of disorder due to the growing demand for foreign currency. They pointed to an intense rush to purchase foreign currencies in an effort to preserve savings and meet import requirements, amid the continued decline in the value of the local currency.
The economic and living conditions in Sudan’s various markets have further deteriorated as the pound continues to lose value sharply, resulting in significant increases in the prices of food commodities, construction materials, and services.
