Sudanese chambers of commerce warn of deterioration of the pound

Sudanese chambers of commerce issued warnings to the coup government against the unprecedented deterioration of the local pound and demanded urgent and decisive intervention.

Khartoum: Al-Taghyeer

The Federation of Sudanese Chambers of Commerce called on the State at its highest level to intervene immediately and decisively in the file of the unprecedented deterioration of the Sudanese pound.

Federation Secretary General al-Sadiq Jalal al-Din Saleh said it was important to deal decisively with speculators and tighten control over the markets.

In his statements today, Friday, he called what is happening to the exchange rate “catastrophic in the truest sense of the word.”

Over the past few days, exchange rates in Sudan have witnessed an unprecedented fluctuation against the local pound amid a major shortage of supply and an insane increase in demand.

The Secretary General of the Federation of Chambers of Commerce has revealed unreasonable speculation due to the lack of supply of currencies and the increase in demand, which has contributed to creating an imbalanced demand.

Jalal blamed the recent policies issued by Bank of Sudan regarding agricultural and livestock exports as playing a role in reducing the supply of foreign exchange, in addition to the import circular which prevents the use of own resources, which led to the creation of unnecessary demand. .

He criticized current practices in the gold markets, such as the new gold publication that forces traders to buy gold at prices above international prices to use it to bring in products. more profitable.

Jalal pointed out that these practices negatively affect competition and harm the process of foreign trade, and lead to an increase in the general price level and inflation rates.

“Unfortunately, we always get into vicious circles historically and pay the price for bad policies issued by those responsible for the economy without paying attention to the opinion of the private sector,” he said.

The Secretary-General called for redressing the situation as soon as possible and for immediate action to change “all bad policies that limit supply and increase demand”, warning that any laxity in the treatment of this file “leads to a fast path to the abyss”. .”

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