Sudan's expatriate remittances lose $6B yearly

Sudan suffers annual losses estimated between 4 and 6 billion dollars due to a decline in remittances from abroad through official banking channels. This is caused by the widening gap between the official exchange rate and the parallel market, as well as a loss of confidence in the local currency due to inflation. Banking experts have called for measures to restore confidence, such as issuing savings instruments linked to gold and providing a transparent foreign exchange window for expatriates. They also suggested incentives including customs discounts and priority in housing projects. Additionally, the price of the dollar in the parallel market has stabilized at record levels around 6,200 pounds, while in official banks it is approximately 3,350 pounds. This situation negatively impacts foreign currency inflows and expatriate transfers, amid worsening economic and political conditions in the country due to ongoing war, security challenges, and humanitarian crises.

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