Usurious Transactions Emerge in the Exchange of 500 and 1,000-pound Notes
Sudan Events – Rehab Abdullah
Investigations by Al-Ahdath revealed that many merchants in states targeted for currency exchange have stopped accepting the old 500 and 1,000-pound notes, claiming they are no longer valid. Some businesses have completely closed their doors, despite the extension of the exchange period to December 30 from December 23.
Reports also indicated the emergence of off-system currency trading by brokers engaging in usurious transactions. Such dealings involve discounts of 20%-30%, meaning one billion old Sudanese Pounds are exchanged for 700-800 million SDG, effectively a 200-300 million SDG deduction. Many citizens, out of necessity, have resorted to these transactions.
Abdulrahman Mohamed Abdulrahman, Head of the Operations and Monitoring Committee for Currency Exchange at the Central Bank of Sudan, told Al-Ahdath that such issues are anticipated based on past exchange experiences. He attributed the chaos to the short exchange period, insufficient banking outlets and facilities for handling funds, and a lack of adequate banking staff to manage the process.
