The Sudanese Pound has plunged to an unprecedented low of 10 000 against $1 on the parallel market, driven by the ongoing violent conflict between the Sudanese Armed Forces and the Rapid Support Forces (RSF).<\/p>\n
<\/p>\n
Reporting for Channel Africa, Joao Pedro Yabala highlights the immediate human impact of the currency’s rapid decline:<\/p>\n
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“A fast 60% drop in currency value has made basic food unaffordable for people in Sudan. This adds more hardship for those already trying to rebuild their lives after being displaced by the war between the army and the Rapid Support Forces.”<\/p>\n
<\/p>\n
The bulk of the recent collapse occurred over the past month alone, with the currency shedding 20% of its value from a previous low of 8 000 per $1. By comparison, before open hostilities erupted in April 2023, $1 traded at roughly 600 Sudanese Pounds.<\/p>\n
<\/p>\n
Local currency traders attribute the surge on unofficial markets to soaring import costs, severe foreign exchange shortages, and the government’s sharp increase of the official customs rate, used to calculate import duties, to over 5 600 per $1. With key export revenues like gold severely compromised by widespread smuggling and domestic production disrupted by war, the army-led administration continues to face mounting challenges in securing foreign currency for essential supplies.<\/p>\n
<\/p>\n
–ChannelAfrica–<\/p>\n
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