The Sudanese pound lost about 42 percent of its value in 10 days, with one dollar reaching 260 pounds in Wednesday trading compared to 180 pounds about 10 days ago, amid a great disenchantment among traders and traders from the high speed with which the Sudanese currency is falling.
One trader said that they received large orders around the clock without setting any price cap, which meant that there were large liquidity players conflicting in the currency market.
The trader explained to Sky News Arabia that the market operates on 3 levels, the first is large entities that do not appear in the market at all and pump through intermediaries huge amounts of liquidity distributed to the ordinary "daily workers" who execute orders.
In addition to internal procurement, there are many entities that are active in purchasing remittances from expatriates abroad and handing them over in Sudanese pounds through agents working at home outside the official banking system.
M.N., one of the "daily worker" who works in the center of Khartoum, could not determine the volume of daily trading, but told Sky News Arabia that there is a big thirst for any dollar in the market and at any cost, pointing out that when they find a seller of large quantities bargain with no limits.
With the strong appreciation of the dollar and other major currencies, markets were deeply confused. A number of owners of commodity and electronics stores were forced to stop selling altogether for fear of greater losses.
A trader specializing in the sale of imported screens said he contracted to provide goods less than two weeks ago, but the cost of importing them was 50 percent higher than the agreed value, exposing him to huge losses.
While reports indicate that some companies with huge daily liquidity are resorting to market speculation to increase their profits, other reports say that government agencies are entering as a buyer of dollars to finance a commodity import bill due to the scarcity of foreign exchange in the Central Bank of Sudan's treasury.
However, The Chairman of the Executive Committee for Strategic Commodities AbdulLatif Osman Mohamed Saleh denied buying the dollar from the parallel market inside or outside Sudan, and accused those affected by the wallet's spreading maliciousrumors.
According to a number of sources, one of the most important reasons behind the decline of the pound is the infusion of huge amounts of liquidity by elements and companies under the former regime in order to achieve two objectives, the first is to seek to weaken the national economy and the second to smuggle their savings and the proceeds of the monetization of their questionable assets, which are pursued by the Committee for The Elimination of Empowerment and Anti-Corruption, which was formed in the wake of the fall of the ousted regime of Omar al-Bashir.
The decline in the Sudanese pound has negatively affected the rate of inflation, which exceeded 180 percent in the face of a steady rise in commodities, which has caused great fatigue for the consumer, who is having great difficulty in obtaining daily needs of bread, cooking gas and fuel.
