Sudan, a gold producer has declared a state of economic emergency on Thursday following high inflation due to a steep fall down of its currency value.
As per the emergency declared, the country has imposed restrictions on purchasing, selling, smuggling or even possessing by key hard currency earners. It has been declared a crime. Along with Gold, the Transitional government has also imposed some restriction on other precious metals like silver, platinum etc.
In a news conference held by Sudan’s Information Minister, Faisal Saleh said
We are able to simply say what happened is an open war against the revolution, the economy, the government,
Special courts have been set up to prosecute the frauds that resulted in the economic collapse. Sudan has also declared a National Emergency for 3 months due to the natural disasters due to floods which killed dozens of people.
Justifying the move of courts acting Finance Minister Hiba Mohammed Ali said –
What is happening is a systematic operation to vandalise the Sudanese economy, choke the transitional government, and we will not relent or be complacent,
Apart from this Sudan has deployed security forces along the borders to tighten the smuggling of gold and other precious metals.
Sudanese pound was 117 compared to US dollar on Wednesday. Till Mid of June 2020, the Sudanese pound stood at 154. Sudan’s inflation rate has climbed to 143.78% which stands next to Venezuela.
Also, read | Sudan calls for renewed talks on Blue Nile Hydropower Dam
Sudan Justice Minister Nasredeen Abdelbari said that the US has decided to remove his country from the list of state sponsors of terrorism. However, the US move should be approved by Congress. To remember, The transitional government took over the charge of the country since the removal of Omar al-Bashir last year.
This will initiate Sudan going back to Bashir’s Islamist government which will designate to forego debt relief and financing from the International Monetary Fund (IMF) and World Bank.