A new collapse for the Sudanese pound against foreign currencies has been recorded, with the pound now sitting at 600 dollars.
The Sudanese pound continued its collapse against foreign currencies, recording 600 pounds against the US dollar, in the beginning of the week’s trading in the parallel market.
Sudan entered a severe crisis, as a result of the military’s seizure of power on October 25, 2021.
Al-Arabiya’’s Sudan-concerned news site quoted dealers in the parallel market saying that the dollar had passed the 600 pounds margin at the first hours of the week.
The current crisis reveals the state of isolation experienced by the military regime, which has led to the loss of all the gains made during the era of the overthrown civilian government.
The Minister of Finance in the coup government, Jibreel Ibrahim, said after that this year’s recently approved budget was void of any international support.
People revealed banks had refused to hand over money transfers belonging to them in foreign currencies, forcing them to collect them in local currency instead.
The parallel market has been recovering after the policies of the civilian-led transitional government had seemingly destroyed it.
The coup cut off the way for grants and projects worth billions of dollars from making their way to Sudan.
Countries and donor funds refuse to finance the military regime, and have tied the resumption of their dealings with Khartoum the restoration of the civilian democratic government.
The deterioration of the currency will be reflected in an increase in inflation rates and commodity prices.