The US dollar continued its rise against the Sudanese pound in the parallel market, particularly in major cities like Port Sudan, Wad Madani, and Atbara, reaching the threshold of 1,000 Sudanese pounds for one US dollar, while it remained steady in official banks for about 750 pounds.
Before the outbreak of the war in Sudan, the exchange rate for the US dollar fluctuated around 556 Sudanese pounds. However, after seven months of fighting between the Sudanese army and the Rapid Support Forces (RSF), and due to the complete halt of the economy in the capital, Khartoum, the value of the US dollar began its ascent, reaching the threshold of 1,000 Sudanese pounds for one US dollar.
The de facto government in Port Sudan, managing the country since the outbreak of the war in April, hopes to increase gold production in the areas under the army’s control. They aim to reform economic government institutions to revive the economy.
Financial expert Ashraf Hussein stated that addressing the exchange rate problem requires two plans. The first plan, a short-term approach, involves regulating imports, monitoring gold production, managing government revenues, and utilizing agricultural lands in regions distant from the war zone. The second plan, according to Hussein, revolves around ending the war and restoring the economic trajectory by engaging with the international community to acquire loans from international institutions and Gulf countries, especially Saudi Arabia and Qatar.
Hussein emphasized the importance of regulating gold production and the export process as available resources for the government to stabilize the exchange rate. Additionally, he highlighted the need for a plan to revive the eastern ports of the country, as their revenues have significantly declined.