Sudanese Commerce Chambers warn of pound deterioration

The Sudanese Chambers of Commerce issued warnings to the coup government against the unprecedented deterioration of the local pound, and demanded urgent and decisive intervention.

Khartoum: AlTaghyeer

The Federation of Sudanese Chambers of Commerce called on the state at its highest level to immediately and decisively intervene in the file of the unprecedented deterioration of the Sudanese pound.

The Secretary-General of the Federation, al-Sadiq Jalal al-Din Saleh, said it was important to deal decisively with speculators and tighten control over the markets.

In his statements today, Friday, he described what is happening to the exchange rate as “catastrophic in the true sense of the word.”

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

The Secretary-General of the Federation of Chambers of Commerce revealed unreasonable speculations that occurred due to the lack of foreign exchange supply and the increase in demand, which contributed to creating an unbalanced demand.

Jalal accused the policies recently issued by the Bank of Sudan regarding agricultural and livestock exports of playing a role in reducing the foreign exchange supply, in addition to the import circular that prevents the use of self-resources, which led to the creation of unnecessary demand.

He criticized practices that take place in the gold markets, such as the new gold publication that made traders buy gold at higher than international prices to use it to bring in more profitable commodities.

Jalal pointed out that these practices negatively affect competition and harm the foreign trade process, and lead to a rise in the general level of prices and inflation rates.

“Unfortunately, we always enter into vicious circles historically and pay the price for the wrong policies issued by those who are responsible for the economy without paying attention to the opinion of the private sector,” he said.

The secretary general called for redressing the matter as soon as possible, and for immediate intervention to amend “all the wrong policies that limit supply and raise demand,” warning that any laxity in dealing with this file “leads to a rapid path towards the abyss.”

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