Home | News    Thursday 10 September 2020

Sudan declares state of economic emergency to stabilize currency

September 10, 2020 (KHARTOUM) - The Sudanese government declared a state of "economic emergency" in the country in an attempt to control a vertiginous fall for the Sudanese pound and the unprecedented inflation in the country.

Economy minister Heba Mohamed Ali talks to the press on 10 September 2020 (SUNA photo)In a press conference attended by the information and justice ministers as well and senior officials of security, police and Rapid Support Forces, the Finance Minister Heba Mohamed Ali declared "the state of economic emergency and establishment of emergency courts".

"We confirm that the rapid rise in the dollar was not due to changes in the structure of the economy. Rather, the government has taken measures to radically solve the gold trade and reduce smuggling. But the dollar kept rising".

The minister said that the national security agencies speak about a sabotage operation using fake currencies and speculation in gold.

She further stressed that security measures cannot be the only solution, pointing to other economic decisions.

"But we have decided to take additional security measures to ensure its success," she stressed.

The Sudanese pound fell to a record low on the black market. The dollar was selling for over 260 Sudanese pounds, pushing some traders to say they would stop using the national currency in their dealings.

Sudanese prime minister recently said there are people who buy gold at a price higher than the global market price intentionally to fight the new country’s policy of buying gold at the global price.

But authorities recently noted people selling gold at above market price to intentionally move the exchange rate.

The governor of the central bank announced a series of measures to limit the use of the revenues from gold, oil and other agricultural products to import essential commodities and medicine.

Faisal Mohamed Saleh, the government spokesman, pointed to a "systematic sabotage" and a "declared war" by the supporters of the former regime in continuation of their war against the Sudanese revolution.

"We can say that what was happening in the past few days was a war against the revolution, against the revolutionary government, and deliberate sabotage," he added.

For his part, Justice Minister Nasr al-Din Abdel Bari announced a number of legal measures tightening penalties on hard currency trader in the black market and smugglers of gold and other products.