Sudanese pound continues plummet against foreign currency

 The Sudanese pound continues its tumble in the face of foreign currency, be it in commercial banks or the parallel market.

Khartoum: AlTaghyeer

On Tuesday, the Sudanese pound plunged to unprecedented levels in the parallel market, as its price fell to 700 pounds for every US dollar.

Dealers in the parallel market confirmed to AlTaghyeer that there is a state of stagnation in foreign exchange transactions, fearing the rapid collapse of the local currency.

Since the decisions to liberalize the pound exchange rate, commercial banks have been trying to catch up with the parallel market, which is witnessing great demand as a result of price differences.

The price of the dollar in commercial banks, on Tuesday, amounted to 640 pounds per a single US dollar.

Companies and commercial establishments are refraining from selling their products until the situation stabilizes.

The successive increases in the dollar’s prices led to steady increases in fuel and all goods and services.

The coup government currently in control is not expected to find solutions to the economic crisis in light of the state of international isolation it is in.

The coup ended a series of months of economic stability and prevented more than $4 billion from reaching the central Sudanese bank’s coffers.

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