Rhino: Agencies – The exchange rate of the dollar against the Sudanese pound at the Bank of Khartoum today, Thursday, rose to “1863” pounds, a significant difference from yesterday’s prices on Wednesday, which reached 1853 pounds, as a result of the great demand for foreign exchange against the limited supply, amid a race between the official and parallel market to buy different currencies and make large deals.

The Sudanese pound is facing a continuous deterioration against foreign currencies in the parallel market, causing disruptions in the banking sector and increasing economic pressures on the country.

According to experts, the devaluation of the currency reduces the purchasing power of citizens, which contributes to exacerbating economic crises, rising prices and the flourishing of the black market. Immediate measures to stabilize the economy are necessary.

The market is witnessing a race between the purchase of foreign currency in the official and black markets as a result of high demand versus supply, especially with huge financial transactions. Sudanese banks are endeavoring to keep up with the fluctuating currency prices in the black market.

Black market dealers attribute the recent dramatic deterioration in the value of the Sudanese pound to massive transfers made by dealers from inside Sudan. They pointed to reports of a massive flight of deposits, due to the unclear future of the country, which is going through a grinding war that has entered its fifteenth month.

The Sudan News website quoted sources as saying that the demand for foreign currencies has increased since Monday evening and that there are demands that cannot be met, which leads to a continuous rise in prices.

The sources indicated that there are different explanations for the large increase in demand for hard currencies, as some currency traders believe that it is caused by the desire of savers to convert their money into hard currencies and transfer it abroad due to an increase in migration operations. Others believe that the reason behind this great demand is a government order to cover the costs of weapons, and the printing of large quantities of money in a European country.