Sudanese pound expected to drop to 600 against US dollar

According to an economist, the value of the Sudanese pound is expected to drop further against the US dollar.

Khartoum: AlTaghyeer

An economist predicted that the value of the Sudanese currency will drop to 600 pounds against the dollar, in light of the increased government spending aimed at suppressing the mass movement rejecting it.

Economic expert Dalal Abdel-Aal told Al-Jarida newspaper on Thursday that the rise and fall of the value of the local currency is not limited to economic reasons only, but politics as well.

Over the past two days, foreign exchange rates in Sudan witnessed an unprecedented fluctuation against the local pound, amid a great shortage in supply and an insane increase in demand.

On Tuesday, the value of the Sudanese pound hit a new record, with the price of one dollar trading for 530 pounds.

The economic expert pointed out that suppressing demonstrators and the government’s preoccupation with ensuring its survival through repression was taking a toll on the economy.

In addition to its preoccupation with the internal conflicts between the armed movements and their entitlements that are spent in dollars, which led to an increase in demand in a way that exceeded the supply after the cut-off of external support, grants and donations from the international community.

According to the economic expert, the resources of the Sudanese Mineral Resources Company were directed to consumer spending and not to benefit from them in the minerals stock market.

Since the October 25 coup, Sudan has witnessed a terrible deterioration in all aspects of life, especially the economic situation.

This coincides with the country’s return to international isolation again and the suspension of economic aid by international financial institutions after the coup.

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