Sudanese Finance Minister on Pound Drop

Sudan is facing a severe economic crisis that has led to a significant deterioration in the value of the Sudanese pound against the dollar. Its exchange rate has surpassed 8,000 pounds in the unofficial market and is expected to reach 10,000 within days, driven by increased demand for foreign currency, higher imports due to rising oil prices, transportation, and insurance costs. This situation stems from declining production and a 29.4% contraction of the economy in 2023, coupled with inflation soaring to around 170%, and poverty worsening to affect 59% of the population. These factors are placing heavy pressure on citizens' livelihoods and threatening the stability of the national currency. The government is relying on gold exports and efforts to improve productive sectors, but it faces difficulties in meeting the demand for foreign currency, as economic conditions continue to deteriorate amid ongoing war since April 2023.

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