23 Hrs
Source:
Sky News
Sudan loses $6 billion yearly from remittances
Sudan faces annual financial losses ranging between 4 and 6 billion dollars due to a decline in expatriate remittances through official banking channels. This is caused by a significant gap between the official exchange rate and the parallel market rate, coupled with declining confidence in the local currency, amidst ongoing inflation and the repercussions of a war that has lasted for more than three years. Experts have recommended measures to improve the situation, including offering savings instruments linked to gold, establishing transparent currency exchange windows, and providing incentives for expatriates such as customs discounts and facilitation of housing projects—aimed at narrowing the price gap and stimulating official remittances. At the same time, foreign currency prices in the black market remain at record high levels, with the dollar trading at about 6,200 Sudanese pounds compared to around 3,350 pounds in official banks. This exacerbates the issues of currency depreciation and increasing economic burdens amid continued armed conflicts and political instability in the country.
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