12 July 2017

Sudanese Pound Continues Plunge in Wake of U.S. Sanctions Decision

Photo: Morgan Mbabazi/The East African
Sudanese President Omar Al-Bashir

Khartoum — Street prices for a US Dollar rose to an unprecedented 20 Sudanese Pounds on Khartoum's parallel market on Tuesday, and initial reports following the postponement of a US decision to lift economic sanctions, say that the Pound continues to fall.

In an interview with Radio Dabanga, economic analyst and editor of El Midan newspaper, Kamal Karrar, predicts an increasing rise in the Dollar against the Pound over the coming days.

Karrar explains that the causes of the economic crisis are related to home policies and have nothing to do with US sanctions.

The National Umma Party (NUP) led by Imam El Sadig El Mahdi said that "the failed policies of the regime have resulted in missed opportunities and dragged the country to condemnation, boycotts, and sanctions, yet the regime's affiliates are happy with the promises of partial lifting of US sanctions as if it would resolve the country's chronic crises.

Corruption

Yesterday the head of the Political Bureau of the NUP, Dr Mohamed El Mahdi Hassan, said in an interview with Radio Dabanga that "poor economic management and the regime's corruption have led to waste of resources, high prices, deterioration of living, collapse of public services, and worsening of health and educational conditions in the country."

'The Sudanese homeland is now attractive only to dirty money and a crossroads for illegal activities...'

He said that "as a result of the failed policies of the regime, the general climate has become unattractive to foreign investment and Sudanese capital has moved outside Sudan to Ethiopia, Egypt and elsewhere. The Sudanese homeland is now attractive only to dirty money and a crossroads for illegal activities."

He pointed in this regard to the government's neglect of the productive sectors and the deterioration of agriculture because of levies and negligence.

Industrial development

The Sudanese Chamber of Commerce announced that more than 80 per cent of factories have ceased operations because of taxes and levies which have become a heavy burden on industrial development in the country.

'Sudan has become a consumer country despite the possibilities and resources it enjoys.'

Yesterday Sameer Ahmed Gasim, the Deputy President of the Sudanese Chamber of Commerce, called on the government to provide the infrastructure of electricity, water, roads and sanitation to promote the industrial sector.

Gasim also appealed to the government to seek funding institutions to support the private sector, which contributes to the development of the Sudanese industry in order to compete globally in the light of the accelerated steps of Sudan's accession to the World Trade Organisation.

He lamented that "Sudan has become a consumer country despite the possibilities and resources it enjoys".

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