December 9, 2024 (PORT SUDAN)—Sudan will launch a currency exchange process on Tuesday to capture some 200 trillion Sudanese pounds circulating outside the banking system, government sources told Sudan Tribune. The move comes as the country grapples with a deepening economic crisis sparked by the outbreak of war in April. Authorities in Port Sudan announced on Sunday that the currency exchange would begin on December 10 to rectify the economic situation. The exchange will be restricted to bank deposits, with a daily withdrawal limit of 200,000 pounds. Sources said the army has taken control of all gold revenues and mining company payments to the state. They added that the government borrowed $2 billion from a neighbouring country, which they did not name. Economic collapse and hyperinflation Hafez El-Zein, deputy secretary of economic relations at the 'Qimem' coalition of civil forces, said in a social media post that the April 15 war led to the collapse of the banking sector in the capital, Khartoum and other cities. He noted that inflation has surged from 450% in April to 650% in September, causing a sharp rise in prices across Sudan. Military spending and open budget A finance ministry source told Sudan Tribune …
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