Expert Calls on Friendly Countries to Grant Bank of Sudan Bank Deposits

Sudan Events – Rehab Abdullah

Banking expert Dr. Louay Abdul Moneim has attributed the collapse of the value of the Sudanese pound to several reasons, most notably the militia war, noting that it was clear that the countries supporting the rebellion were keen to target all major economic institutions since the first day of the war, as it led to the destruction of 100 bank branches. And the destruction of 14 central markets in Khartoum State, revealing that this led to the bankruptcy of 22 thousand merchants, in addition to the destruction of 550 factories in Bahri and Omdurman only, which led to the displacement of 250 thousand workers. He explained that as a result the banks declined very significantly, and in the first days they closed their doors. A very large number of citizens immigrated, pointing out that one of the direct effects of this war was a decline in cultivated areas by 60%, while exports declined by 60%, and local trade stopped by 70%, and this led to the government being unable to pay salaries by 50%. He added, “Analysts and observers estimated the total losses in the range of 200 billion dollars.” However, he pointed out that there were previous factors that led to the decline in the value of the pound.
The expert criticized the continued leaving the door to imports open without controls, and accused parties – which he did not name – of having an interest in this for the purpose of destroying the economy. In an interview with Sudan Events, he stressed the need to establish new import controls to reduce pressure on the dollar.
He also called on friendly countries to pump deposits into the Central Bank from friendly countries to obtain dollars, and the banking expert sent a message to expatriates to support the national economy, including its content (Support your country’s economy by transferring the amount of 500 dollars through the banking system),
He also renewed his proposal on the gold pound.