Port Sudan faces turmoil as dollar reaches 6400 pounds

The Sudanese pound has experienced a historic decline against the dollar in the parallel market, reaching 6,400 pounds, reflecting a loss of over 90% of its value since the start of the war in April 2023, when the dollar was approximately 600 pounds. This collapse comes after the unofficial liberalization of exchange rates by Port Sudan Bank, which has led to significant market disruption. The disparities between official and parallel market prices indicate a loss of confidence in the banking system and a lack of sufficient dollar reserves. Additionally, the ongoing depletion of the country's gold resources, declining production, rampant speculation, and economic crises are deepening the situation and weakening the ability to control the currency. This is further exacerbated by falling salaries, widespread worker protests, increased smuggling, and price manipulation, all of which threaten the overall stability of the Sudanese economy.

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