Sudanese Pound Crashes as Trade Deficit and Oil Prices Bite

The Sudanese Pound has plummeted to nearly SDG 8,000 against the US Dollar on the parallel market due to a surge in demand for foreign exchange, according to Finance Minister Jibril Ibrahim.

Ibrahim attributes this increase to the widening gap between imports and exports, which is driving up oil prices and doubling transport and insurance costs. The minister points to the conflict in the Gulf region, particularly at the Bab El Mandeb Strait, as a significant contributor to these rising expenses.

The Finance Minister rejects claims that the government is buying Dollars on the parallel market, stating instead that it purchases gold for export to obtain foreign currency.