Sudan accuses paramilitaries of undermining currency exchange

January 2, 2024 (PORT SUDAN) – Sudan’s government on Tuesday accused the Rapid Support Forces (RSF) of trying to destabilize the country’s currency exchange program and warned against speculation in gold and crops.

The RSF, a powerful paramilitary group, has refused to cooperate with the program launched on Dec. 10 that requires citizens to deposit large denomination banknotes into bank accounts in exchange for new currency.

“Security reports have detected attempts by some parties affiliated with the rebellion – referring to the Rapid Support Forces – to destabilize the currency exchange process,” government spokesman and Information Minister Khalid al-A’asar said after a Currency Change and Replacement Committee meeting.

He did not provide details on how the RSF allegedly tried to undermine the program but said some groups were speculating in gold and crops and urged citizens to avoid dealing with them.

Since the program was announced, some Sudanese have rushed to buy cars, land, gold, and crops, while others have paid intermediaries commissions of up to 20% to deposit old banknotes on their behalf, leading to long queues at banks.

Al-A’asar said the committee discussed ways to encourage citizens to open bank accounts and improve links between banking applications to facilitate money exchange.

The currency exchange program is being rolled out in the Red Sea, Kassala, Gedaref, River Nile, Northern, Sennar, White Nile states, and the Blue Nile Region.